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2016       Audit of Geological Model and Evaluation of Resources of Bystrinskoye Deposits under the JORC Code, Zabaikalsky krai
Under the request of OOO GRK Bystrinskoye (Bystrinskoye Geological Exploration Company, Limited Liability Company), IMC Montan carried out an audit of results of wireframe and block modelling with consideration of 2014-2015 geological exploration outcomes, as well as an evaluation of mineral resources of the Bystrinskoye copper, gold, iron and silver deposit. The geological model was adjusted according to comments of IMC Montan to enable usage of the resource model for optimization of the open pit contours. A mineral resource evaluation report under the JORC Code requirements was prepared on the basis of the analysis of the geological knowledge level and with consideration of aspects related to mining, technology, environment and economics

2016       Expert Statement on Environmental Audit of Mining Assets of AO Siberian Anthracite, Novosibirsk region
AO Siberian Anthracite (Joint Stock Company) requested IMC Montan to carry out an environmental audit of the company’s mining activities. The audit included a review of the existing management system of environmental and social commitments, and an expert statement on compliance of the company to the environmental legislation of the Russian Federation and international environmental standards

2016       Techno-Economic Substantiation (Feasibility Study) for Construction of 9.0 Mt/year Capacity Processing Plant, Chelyabinsk region
The feasibility study report was prepared by IMC Montan under the request of OOO Invest Razvitie (‘Invest Development’, Limited Liability Company). The study involved an audit of the mineral resource base, including assessment of mining methods, suitability of the infrastructure to access and develop reserves, and socio-economic and environmental aspects of the production. This analysis was used for substantiation of the construction of a processing plant, and included such aspects as: parameters of raw materials and a process flow sheet; detailed elaboration of equipment; etc. IMC Montan made an assessment of the project risks, developed a financial model and performed a sensitivity analysis of the project

2016       Reserve Evaluation of Alaigyr Deposit of Complex Ores in Accordance with JORC Code Requirements, Kazakhstan, Karaganda region
This report was prepared according to the request of TOO JV Alaigyr (Alaigyr Joint Venture, Limited Liability Partnership). IMC Montan carried out an assessment of main aspects of the company’s activities. Results of the assessment were used for making conclusions on the deposit development prospects from the point of view of mining efficiency of ores and increasing capitalization of the company. Experts made recommendations on improvement of the resource base quality

2016        Resource and reserve evaluation of Belbazhskoye rock salt deposit under the JORC Code, Nizhegorodsky region
By order of PC RUS SALT, IMC Montan carried out a resource and reserve evaluation of Belbazhskoye rock salt deposit according to the JORC Code requirements (2012 edition). The evaluation involved a comprehensive technical audit of the deposit, including issues related to geology, mining, technology, infrastructure, marketing and human resources, as well as analysis of economic efficiency of the project.

2016        Estimation of Uregolsky and Uregolsky 5-6 Resources and Reserves in Compliance with the JORC Code, Kemerovo region
At the request of OOO “Razrez Kiyzassky” the Uregolsky and Uregolsky 5-6 resources and reserves of the Uregolskoye bituminous coal deposit were estimated in compliance with the JORC Code. The assignment included update of the Uregolsky site reserves and the company production schedule, recommendations to optimization of mining

2016        Korchakolsky opencast development project support, Kemerovo region
At the request of OAO Kuznetskinveststroy, IMC Montan conducted quarterly monitoring of the actual status of mining operations at Korchakolsky opencast for CoeClerici company. Monitoring involved audits of key performance indicators and expert assessments of fairness of deviations from the plan, as well as recommendations on the required changes of some production processes. Monitoring of production processes allowed making only rapid expert appraisals of production processes. However it was sufficient for identification of bottle necks of the production, as well as assessment of the opencast development dynamics and qualitative changes of production status between quarterly audits

2016         Geological part of FEASIBILITY STUDY for Kaliningradskoye deposit of potassium-magnesium salts, Nivensky-1 subsoil site, Kaliningrad region
This report was prepared by IMC Montan at the request of OOO K-Potash Service and aimed at development of a geological part of Feasibility Study under international format, including geological modelling and resource estimation according to the JORC Code. The results of the detail geological modelling carried out by IMC Montan were used for preparation of a mining part of Feasibility Study

2016         Bankable Feasibility Study for Construction and Operation of Inaglinsky GOK, Yakutia
At present, a Bankable Feasibility Study (TEO Study) for Construction and Operation of Inaglinsky GOK is being prepared for Kolmar. This study was preceded by the work stage in a Scoping Study format involving preliminary decisions on viability of construction of the GOK. The Scoping Study included analysis and subsequent techno-economic assessment of different options. The second stage of elaboration with development of the Bankable Feasibility Study involves further increase in the level of detail of the Inaglinsky GOK’s construction concept. The work outcomes will include development of an economic model on the basis of precise calculations made for various phases and construction facilities, thus enabling determination of final costs of the project

2016        3D Modelling of Chulmakanskoye Bituminous Coal Deposit, Yakutia
On request of Colmar, 3D modelling of Chulmakanskoye coal deposit was carried out within the boundaries of Zapadny site (excluding the north-western flank) and Vostochny site, including creation and verification of the database, wireframe modelling and block modelling. In view of the model and the review of historic geological exploration, mineral resources were evaluated in compliance with the JORC Code (2012 edition), and recommendations on further work and modelling were presented. The modelling results were used for preparation of the bankable feasibility study and reserves evaluation in compliance with the JORC Code (2012 edition).

2016       3D Modelling of Denisovskoye Bituminous Coal Deposit, Yakutia
On request of Colmar, 3D modelling of Denisovskoye bituminous coal deposit was carried out, including creation and verification of the database, wireframe modelling and block modelling, as well as modelling of faults, identification of all faults, relative displacements of upwarped and downwarped blocks, and extrapolation of kinematic characteristics to all seams

2016        Brief due diligence development, Arkhangelsk region
Within the framework of the contract with a confidential client, IMC Montan experts conducted the preliminary technical due diligence of Grib diamond mine, including review of subsoil resources use licences, infrastructure, geological exploration reliability, process flow sheets, deposit development plans, products quality variation, and diamond sales plans and routes. An economic model was generated upon the findings, major risks were identified and the ways of their minimisation were outlined (PWC)

2016       Expert Statement on KENES Technique Application at Denisovskaya Coal Preparation Plant, Yakutia
On request of Colmar, feasibility of the flow sheet proposed by KENES for processing of Denisovskoye deposit coal was assessed. Conclusions were drawn on the basis of the analysis, and the statement on application of the KENES flow sheet was prepared

2016       Statement on the Technical and Economic Justification (TEO) of Mining Parameters and on reserves estimation based on 3D modelling and optimization, Kazakhstan
On request of Russian Copper Company Ltd., IMC experts developed the comprehensive statement on the TEO of evaluation parameters and reserves estimation, and on the 3D geological model of the copper and gold ore deposit located in the Republic of Kazakhstan. The statement contains the review of permits relevant to the deposit. Conclusions on quality of primary data and on objectivity of outputs were made. The open pit was optimised as recommended

2016       Pre-Feasibility Study of Denisovsky Mining and Processing Facilities (GOK) Development, Yakutia
Within the framework of the contract with Colmar, IMC Montan made the technical and economic evaluation of development of Denisovsky coking coal mining and processing facilities with achievement of the target production capacity of 6 Mt of coal a year. The study addressed and analysed all aspects of the operation, including adjustment of geological parameters on the basis of undertaken geological exploration, geotechnical parameters, mining and processing options, infrastructure and risk assessment. Recommendations on cost cutting, construction period shortening, and productivity improvement were made

2015        Recommendations on Optimization of Mining-Technical Part of Operation for Development of Verninskoye Gold Deposit (Polyus Gold)
As part of the scope of work, IMC Montan carried out a Due Diligence of the enterprise, which results were used to determine main directions of optimization of the production in order of further elaboration of the activities agreed with the Client. These activities were rated with regards to possibility of their implementation and economic attractiveness

2015        Expert Opinion on Prospects for Extraction of Remaining Reserves in Surface Mining Area, Kazakhstan
On the request of TOO Transkomir, IMC Montan carried out an assessment of raw materials potential in a surface mining site situated within former mining areas of underground mines Nos. 3, 3bis, 17 and 26. The work involved analysis of the following aspects: reliability of previous evaluations of geological reserves of subsoil minerals; remaining geological reserves in situ; and technical possibility to development of reserves using surface mining method. There was no economic feasibility for extraction of the reserves included into the scope of work. However, during a risk analysis, IMC Montan covered certain issues related to economic prospects for development of the subsoil reserves

2015        Bankable Feasibility Study for Development of Tominskoye Porphyry-Copper Deposit
On request of ZAO Tominsky Mining-and-Processing Complex (GOK), IMC Montan prepared the update of Bankable Feasibility Study for Development of Tominskoye Porphyry-Copper Deposit taking account of all changes and developments. The work deliverable is a seven-volume report covering all operational aspects of the enterprise under designing. The report is employed by the Client facilitating construction of the GOK, development of detail design documentation and fulfillment of financing on the project.

2015         Due Diligence (Assessment of Status and Development Plans) for Stroyservis operations (on Behalf of Alfa Bank)
According to request of ZAO Stroyservis, IMC Montan prepared Due Diligence format report upon results of assessment of status and development plans of the company’s operations engaged in coal mining and processing. During preparation of the report, IMC Montan carried out a detailed analysis of main aspects of production activities in the operations with view of provision of reserves, mining, coal preparation, etc. Economic efficiency of operations of the group was evaluated, as well as appropriate recommendations were provided.

2015         Expert Statement on Possibility to Process D19 and K4 Seam Coking Coals at Inaglinskaya Coal Preparation Plant, Yakutia
OOO Management Company “Kolmar” requested IMC Montan to prepare a brief statement on downstream processing of coking coals of ZH (fat) and K (coking) grades from two deposits at a coal preparation plant. The work involved analysis of raw materials base, processing techniques and capital expenditures for the construction of a coal preparation plant.

2015         PreFS of Nezhinsky and Smolovsky sites of Starobinskoe potash deposit, Belarus
On request of IOOO Slavkali, a Prefeasibility study report for development of Smolovsky site of the Starobinskoye potash deposit was prepared by IMC Montan. The work objective was to improve capitalization of the company by reducing risks of the deposit development, as well as to attract international financing and evaluate all economically recoverable reserves under the JORC Code assigning the highest category. As a result of the work undertaken, IMC Montan designed all technical and technological parameters of future mining-and-processing complex (GOK), including: access of the deposit; production plan of mining and development work; calculations of mine ventilation and air distribution in roadways; detail calculations of vertical shaft winders; review of the main production equipment required; cost assessment based on the estimated needs of the mine and processing plant; development of a cash flow forecast model taking account of new parameters, and a sensitivity test of the model to changes in planned indicators. IMC Montan prepared recommendations on reduction of capital and operating costs and increase of the production efficiency, based on all the operational aspects examined.

2015          Due Diligence of Tkuarchal-Ugol Coal Mining Project, Abkhazia
Within the framework of the project, the due diligence of Tkuarchal-Ugol coal opencast was undertaken, the site resources and reserves were estimated. Based on the audit of the geological and technical documents and permits, and in view of the current status of operations, the company’s production programme was adjusted, and technical risks of the production programme implementation were assessed. Besides, the audit of the external transport infrastructure was conducted within the project remits, from the loading railway station to the sea port, the maximum throughput capacity was estimated, and potential measures to increase the throughput capacity were assessed

2015          Development of 3D Geological Models for deposits of ENRC
IMC Montan carried out 3D geological modelling of chrome deposits for JSC TNK Kazkhrom (Kazakhstan). At the request of JSC DGOK and JSC TNK Kazhhrom, members of Eurasian Natural Resources Corporation Plc Group, one of the largest alliances in mining and mineral processing field (included in FTSE 100), IMC Montan have developed block models of deposits of deep mines: “Ten Years of Independence of Kazakhstan" and Molodyozhnaya. The Client has used Geomiks geo-information system for data storage and recording. In order to improve the efficiency of mining operations and accuracy of production planning, it was required developing the block models using modern software (Surpac, Datamine, Micromine), in accordance with international standards of modelling. The work resulted in development of block models for the following deposits: Millionnoye, Almaz-Zhemchuzhnoye, Pervomayskoye, No.21 (Mine “Ten Years of Independence of Kazakhstan”), and “40 Years of KazSSR-Molodyozhnaya” (Mine Molodyoznaya).

2015          Update of Elga Deposit Coal Marketing Study Report (for VEB, Mechel Group), Yakutia
On request of Elgaugol (Mechel Group), IMC Montan updated the Elga deposit coal marketing study report. Trends and factors of coal pricing on international markets were reviewed in the course of work. Based on the findings, relevant changes were made in the report, and the conclusions were adjusted.

2015          Concept and Development Strategy of OAO “Metalloinvest” Mining Companies - Mikhailovsky GOK
At the first stage IMC Montan carried out a fully integrated survey of the mines and concentrators with involvement of international experts and suggested measures to optimize the operations. The main focus was on technical and technological; solutions. At the second stage all the adopted measures were substantiated on the technical and economic levels and ranked in terms of their efficiency and implementation prospects. At the third stage GOKs’ current programmes / development plans were prepared allowing for implementation of the adopted measures, which will ensure significant increase of efficiency and reduction of concentrate cost of production.

2015           Update of Elga Deposit Coal Marketing Study Report (for VEB, Mechel Group), Yakutia
On request of Elgaugol (Mechel Group), IMC Montan updated the Elga deposit coal marketing study report. Trends and factors of coal pricing on international markets were reviewed in the course of work. Based on the findings, relevant changes were made in the report, and the conclusions were adjusted.

2015            Аудит геологической модели и оценка ресурсов Быстринского месторождения согласно требованиям кодекса JORC, Забайкальский край
По заказу ООО «ГРК «Быстринское» был проведен аудит результатов каркасного и блочного моделирования и выполнена оценка минеральных ресурсов Быстринского месторождения меди, золота, железа и серебра. По замечаниям специалистов IMC Montan в модель были внесены корректировки для возможности использования ресурсной модели при оптимизации контуров карьеров. После анализа геологической изученности, а также горных, технологических, экологических и экономических аспектов, был подготовлен отчет об оценке минеральных ресурсов месторождения согласно требованиям JORC.

2015             Geological Model Audit and Resource Evaluation for Bystrinskoye deposit under the JORC Code Requirements, Zabaykalsky krai
Upon request of OOO GRK Bystrinskoye, IMC Montan carried out an audit of results of the wireframe and block modelling and evaluation of Bystrinskoye copper, gold, iron and silver deposit resources. IMC Montan made some comments on the resource model which was adjusted accordingly during optimization of an open pit outline. After review of the level of geological knowledge, as well as mining, technological, environmental and economic aspects, a mineral resource evaluation was made under the JORC code requirements

2015            Due Diligence of Talitsky Potash Site, Verkhnekamskoye Deposit (Permsky Krai)
In the course of the work, consultants confirmed availability of resources and reserves of the licence and prospective sites, reviewed the option of mining and processing facilities construction, and analysed the technical and economic plan. The work was undertaken for a potential investor (PWC)

2015            Technical-and-Economic Due Diligence for Development of Mining-and-Processing Complex at Uvalnoye Bituminous Coal Deposit, Kemerovo region
A technical-and-economic Due Diligence for development of a mining-and-processing complex at the Uvalnoye bituminous coal deposit was prepared. Within the frame of the work, a techno-economic assessment of various development scenarios was carried out. The alterations made involved the following aspects: concept formulation; change in coal reserves access and development schemes; altered technical solutions related to coal preparation and infrastructure facilities

2015             Pre-Feasibility Study of Nivenskoye-2 Potash Deposit, Kaliningrad Oblast
Within the framework of the contract with Strictum, IMC Montan prepared the report on the pre-feasibility study of Nivensky-2 site of potassium and magnesium salt deposit. The work included review of the geological data and 3D modelling in Micromine. The model served as the basis for development of the mining technique. The processing flow sheet developed for Nivensky-2 site was adapted, infrastructure solutions were put forward, capital and operating expenditures were estimated by direct counting, the marketing research was conducted, and the economic project development model was generated for 30 years

2015           Geotechnical Modelling of Nivensky-1 Site, Kaliningrad Oblast
Within the framework of the contract with BHPEnergo design institute, IMC Montan in conjunction with DMT rock mechanics laboratory (Germany) prepared the mining section of the feasibility study of Nivensky-1 potassium and magnesium salt deposit development. The work included generation of an integrated geotechnical model, analysis of a few options of development and mining operations, roof support and protection of main and section mine workings, and preparation of the statement on relevant optimal technical parameters

2015           Pre-Feasibility Study of Options of Development of Sugodinsko-Ogodzhinskaya Coal Area, Amur Oblast
On request of Ogodzhinskaya Coal Company, IMC Montan developed the concept of development of Sugodinsko-Ogodzhinskaya coal area within the framework of the project of construction of the world’s largest coal mining and power generating enterprise. The pre-feasibility study covered all aspects of the deposit development, including geology and reserves, mining, social aspects, infrastructure, workforce, marketing, environment protection, health and safety, financial and economic modelling

2014-2015   Valuation of Voskhod Chrome Ore Resources and Reserves in Compliance with JORC Based on 3D Modelling, Kazakhstan.
The work was undertaken on request of YILDIRIM Group. IMC Montan reviewed the provided 3D model and input data, made necessary adjustments and corrections in the database, wireframe and block models, and re-estimated resources and reserves in compliance with the 2012 JORC Code, based on the updated model. The report was used for taking a decision on investment by the European Bank for Reconstruction and Developmen (EBRD) and UniCredit group.

2014             Technical-and-Economic Expert Review of the Project on Construction of Mining-and-Processing Complex at Uvalnaya and Uvalny Gluboky Mining Area Sites.
Upon request of OAO Coal Company Sibirskaya, a technical-and-economic expert review of the project on construction of a mining-and-processing complex at Uvalnaya and Uvalny Gluboky mining area sites was prepared. The work involved a comprehensive analysis and assessment of major aspects of designing, construction and exploitation of a mining enterprise for coal production and processing, based on Uvalnoye bituminous coal deposit.

2014            JORC Compliant Evaluation of Resources and Reserves of Voskhod Chrome Ore Deposit, Kazakhstan.
On request of the Turkish client, IMC estimated the resources and reserves of the deposit in compliance with the 2012 JORC Code. In the course of work, the geological, mining and environmental aspects of the operation were reviewed. The financial model was produced, and the economic evaluation of the operation was undertaken.

2014             JORC Resource and Reserve Valuation of ОАО «Belaruskali», Republic of Belarus.
The Starobinskoe and Petrikovskoe potash resources and reserves were evaluated under the JORC Code (2012) at the request of OAO “Belaruskali”. Carrying out the assignment, IMC Montan studied all aspects of the company operations (6 underground mines with a total production up to 50 Mtpa and 4 processing plants), made audits of the Petrikovsky GOK and the Darasinsky mine construction projects, including analysis of mining and geological conditions, reserves, conditions and availability of the principal equipment and infrastructure facilities, long-term programme of investments into the operations maintenance and development.

2014              Pre-Feasibility Study of NIvensky 1 Potash Deposit, Kaliningrad Oblast, Underground Mining
On request of Strictum, IMC Montan in conjunction with BHPEnergo prepared the Pre-Feasibility Study report of development of the potassium-magnesium salt deposit in Kaliningrad Oblast. The objective was to select the optimal technology for the deposit reserves mining and processing, and to assess the economic attractiveness of the project

2014              Monitoring of Nivenskoye 1 Potash Deposit Development Project (Kaliningrad), Phase 1
In the course of the preparation of the report on the due diligence of Nivenskoye 1 potash deposit development project, IMC Montan made the site visit, held meetings with the Client’s representatives and contractors involved in various studies and development of design documents for the deposit. The report reflects the current status of the project and provides recommendations on the project development and preparation for JORC compliant reserve.

2014               Business plan (TEO) for Development of the Elegest Coal Deposit, the Republic of Tyva.
At the request of OOO “Tuva Energy Industrial Corporation”, IMC Montan prepared a business plan for development of the Elegest coal deposit, including the cash flow model which incorporates capital and operating expenditures, maintenance and development expenditures. The business plan detail level was that of a Pre-Feasibility Study under international standards. The company uses the business plan to attract funds for the project implementation with the state support and for development of the design documents.

2014               JOCR Compliant Sheregeshevskoye Deposit Resource and Reserve Valuation, Kemerovo Oblast.
On request of Evrazruda, the resources and reserves of Sheregeshevskoye deposit were evaluated in compliance with the 2012 Edition of the JORC Code. In the course of the work, experts reviewed all aspects of operations, audited the design for lower levels development using the new technology to achieve the maximum production capacity, including the review of mining and geological conditions, reserves, conditions and availability of the major equipment and infrastructure, the long term maintenance and development capital expenditures program.

2014               Assessment of Operating Activities Forecast of OAO Mechel-Mining Operations.
This report was prepared by IMC Montan concortium of companies (OOO IMC Montan) according to request of OAO Mechel-Mining/OAO Holding Company Yakutugol. IMC Montan carried out an assessment of parameters of the economic model provided by OAO Mechel-Mining, as well as an production and investment plans of the company operations. Our report includes also assessment of potentials to achieve the target production parameters during 2014-2028 and to produce and process the amount of coal stated.

2014               Market Research for the Elga Coals.
At the request of OOO Elgaugol, IMC Montan conducted the Elga coal market research. In the course of the work done base data were analyzed, coal pricing factors and trends in international markets were studied. Deliverables included a report containing conclusions on coal quality characteristics aimed at its classification into both the domestic and international markets price categories based on its specific physical and chemical, and metallurgical properties.

2014               Resource and Reserves Valuation of Elga Coal Deposit in Compliance with JORC Code, Yakutia.
The present Report has been prepared at the request of OAO Holding Company (HC) “Yakutugol” for resources and reserves evaluation in compliance with the JORC Code (2012). In preparation of this report IMC Montan conducted a due dil of the key coal mine and CPP design and operational aspects, the cash flow model including total and net operating expenditures and expenditures for sustaining and developing the production for reserves evaluation was prepared.

2014               Analysis and Adjustment of the Lomonosovsky GOK Cash Flow Model, Lomonosovsky  Iron Ore Deposit (Kostanay Region, Kazakhstan).
IMC Montan reviewed a cash flow model  developed by Wardell Armstrong International and made amendments related to the specifics of GOK operations in Kazakhstan. All technical and economic aspects of the project were analyzed and recommendations made to improve indicators.

2014               Nasedkino Deposit Resource Estimation and Scoping Study, Zabaikalsky Krai.
On request of Daltsvetmet, IMC Montan prepared the Scoping Study Report including the evaluation of economically mineable reserves and estimation of NI 43-101 compliant resources. The report addressed all aspects of the company’s activities to enable development of the concept of saleable products output and sales and to select the optimal development option.

2014               Monitoring of optic sorting pilot test at the Natalkinskoye Gold Ore deposit (Magadan Oblast).
At the request of OOO "Matrosov Ore Mine" (Polus Zoloto) IMC Montan conducted monitoring of implementation of the optic sorting pilot test programme at the Natalkinsjoye gold ore deposit. The experts participated in development of the test programme, substantiation of the implemented work efficiency, confirmation of the results achieved. Alternative options of the Natalkinskoye ore pre-treatment were also assessed and recommendations for their application were made.

2014               Bankable Feasibility Study, Tominsky GOK (Chelyabinsk Oblast).
On request of ZAO Tominsky GOK, IMC Montan prepared the update of Bankable Feasibility Study for Tominsky GOK project according to the latest changes.  The outcome of the work is the report comprising 7 volumes, describing each aspect of the mine in the design stage, which is used by the company for constriction of the mining and processing facilities, development of working documents and funding of the project.

2014               Feasibility Study, Evaluation of Aginskoye Gold Deposit Resources and Reserves, Kamchatka Krai
IMC Montan made the feasibility study of Kamgold assets and production plans with regard to feasibility and economic viability, followed by preparation of the report on evaluation of resources and reserves of the company’s assets and production plans, in compliance with the JORC Code. In the course of the report preparation the experts made a comprehensive review and assessment of the main aspects of designing and operation of a mining and processing facility at gold deposits of Kamgold and Kamchatskoye Zoloto.

2014               Feasibility Study, Evaluation of Ametistovoye Gold Deposit Resources and Reserves, Kamchatka Krai
On request of Ametistovoye, the feasibility study of the investment project for a mine construction at Ametistovoye deposit was undertaken, followed by Ametistovoye deposit resources and reserves evaluation in compliance with the JORC Code. In the course of the report preparation the experts made a comprehensive review and assessment of the main aspects of designing, construction and operation of a mining and processing facility at Ametistovoye gold deposit. The main design solutions for reserves access, development and extraction were reviewed.

2014               Valuation of JORC Compliant Resources and Reserves of Uvalnaya Mine
On request of Sibirskaya Coal Company, the resources and reserves of the licence sites of Uvalnaya mine were evaluated in compliance with the 2012 JORC Code. The experts reviewed the provided documents. In the course of the site visit the key aspects of the design, construction and operation of the future mine were addressed. Upon the completion of the work, the recommendations were provided to improve the technological parameters of coal mining and processing, and compliance with the valid environmental laws.

2014              Pre-Scoping Study of Development of Aprelskoye Gold Deposit and Karachokinskaya Licence Area, Batken Oblast, Republic of Kyrgyzstan
On request of Independent Oil and Gas Company, the pre-scoping study of development of Aprelskoye gold deposit and Karachoklinskaya licence area was undertaken in the Republic of Kyrgyzstan. In the course of the work, the preliminary estimation of resources and mineable reserves of the licence areas was carried out, the mine construction options were reviewed (from the viewpoint of selection of the optimal production capacity, reserves access and extraction), the processing, marketing and environmental issues were studied. Based on the undertaken work results, profitability of underground and open mining was proved for some areas only

2013-2014      Preparation of a Pre-Feasibility Study for Russian-Chinese Coal Deposit Development Project, Primorsky Krai
At the request of OAO “Eastern Energy Company” and State Grid Corporation of China (or its subsidiary), IMC Montan prepared a Report at the Pre-Feasibility Study (PFS) level for development of an open-pit coal mine at the Erkovetsky coal deposit. The Report covers all indispensable aspects of the mine operations ensuring elimination of material risks in the process of future production and sales of final products. The Report became a basic document for decision making and rationale for fund-raising and was prepared in compliance with international standards

2013              Independent Engineer’s Report on OOO “Russian Platinum” Chernogorskoye Polymetal Ore Mining Project (Krasnoyarsk Krai)
The report was prepared at the request of OOO “Russian Platinum”. In the course of the report preparation IMC analyzed evaluation practices and methods used by Client’s specialists for reserve and resource estimation under the Russian system of classification and conducted revaluation of the Client Company resources and reserves in compliance with international system of resource and reserve valuation (JORC)

2013 Update of the Mineral Expert's Report on Resources (MER/CPR),Siberian Anthracite, Novosibirsk Region
IMC Montan prepared an update of the Mineral Expert's Report on Resources(МЕR/CPR) on behalf of Siberian Anthracite. IMC Montan examined changes that took place during past period of time and updated its estimates of resources and reserves of the Client according to the international resources and reserves reporting system (JORC Code)

2013               Statement on the Technical and Economic Proposals for the Planned Development of Zashulanskoye Black Coal Deposit, Zabaikalsky Krai
On request of Vostsibugol, IMC assessed the quality of the Technical and Economic Proposals for the Planned Development of Zashulanskoye Black Coal Deposit produced by SibProektGrupp. The work was arranged as sessions to coordinate the work of the Russian (SibProektGrupp) and the Chinese (DADI Institute) designers with regard to the major parameters: technical and technological issues, marketing, economics. In the course of the sessions, the rational solutions were developed which were used as a basis for the final technical and economic proposals

2013               Pre-feasibility Study of Mikhailovsky GOK Transportation System Development
IMC Montan prepared the Pre-feasibility Study report to assess the introduction of the conveyor system at Mikhailovsky GOK, with partial transportation of non-oxidised quartzite by conveyors. The feasibility of the open pit transportation system reconstruction was reviewed in the course of the work, and the economic indicators of the process were identified. Besides, all relevant aspects, affecting the technical and organisational efficiency of the transportation system reconstruction project, were considered.

2013               Valuation of Quartz-Containing Ore Reserves and Resources of Kyshtym GOK (Chelyabinsk Oblast)
 At the request of a potential investor JORC-Compliant GOK reserve and resource valuation report was updated. The work included assessment of geological exploration carried out, review of collected samples data, resource and reserve valuation and cash flow model forecast.

2013              Due Diligence of Coal Open Cast (Krasnobrodskiy-Yuzhniy 1, Kemerovo region) 
The report was prepared under international standards was, and development prospects of production at the deposit were reviewed. All the main aspects of the mine activities were reviewed. Efficiency of the project investment with regard to the opencast present status was estimated.

2013              Mineral Resource Evaluation of Kalgutinskoye Complex Ore Deposit
At the request of Sibinvest, the Consultant have carried out a resource evaluation of the Kalgutinskoye deposit in compliance with the JORC Code. During the assignment, experts have studied available information and identified prospects for the deposit development

2013               Statement on the Ulak-Elga Railway Construction Project, Yakutia
On request of Mechel Mining, a statement on the Ulak-Elga railway line construction project was produced. In the course of the work, IMC Montan and WYG International visited the construction site, assessed the railway conditions and the existing infrastructure, reviewed the provided documents and the project components. The experts addressed the issues of the railway capacity build-up. Upon completion of the work, the Client was provided with the statement on the investment structure and with the recommendations on modification of the key solutions to improve the railway line efficiency and operation. The major problems and risks related to the railway construction were identified.

2013               Independent Engineer’s Report on Kondyor Deposit Operation, Khabarovsk Krai
The work was undertaken by IMC on request of Artel Starateley Amur. In the course of the work, the changes made in the original design and permitting documents were reviewed, and the analysis of the technical and economic model, geological data and plans was conducted. Based on the resulting data, the report was produced, and the cash flows and the project cost effectiveness were estimated.

2013               Evaluation of the Smolovsky Site Potash Mineral Resources
At the request of the state-owned enterprise of the Republic of Belarus “Research and Production Centre for Geology ” IMC Montan conducted QC/QA of geological exploration followed by evaluation of the Smolovsky JORC-compliant resources at Starobinsky potash deposit (IOOO Slavkaly). In the course of the job IMC Montan made quarterly visits to drilling sites, a core shed, analytical laboratories and other services involved in order to control observation of all international standards in performing the work, and, where appropriate, IMC Montan made recommendations to comply.

2013               Resource and Reserve Valuation of Ozernovskoye Gold Ore Deposit, Kamchatka Krai
At the request of OAO Siberian Mining and Metallurgical Alliance resources and reserves of the Ozernovskoye Gold Ore deposit were evaluated in compliance with the JORC Code, 2012 edition, with a view of developing the Company investment policy. As a result of the valuation IMC Montan reviewed all aspects of the Operations under construction and confirmed the GOK construction project’s economic efficiency.

2013               Pre-Feasibility Study of the Concentrator Construction for Production of Iron Ore Concentrate from Oxidised Quartzite, Mikhailovsky GOK, Kursk Oblast
IMC Montan produced the Pre-Feasibility format report to evaluate the efficiency of the oxidised quartzite processing technology and to identify the economic parameters of the process. Besides, the experts considered all other aspects which directly impact the investment attractiveness of the project of the oxidised quartzite processing facilities construction. The report is based on the inspection of the company’s production facilities, data provided by the company, review of the operating procedures, findings of the pilot tests and laboratory studies of the oxidised quartzite processing, as well as on the Consultant’s experience.

2013               Technical Due Diligence of Production Facilities of Shalkiya Zinc LTD, Kazakhstan
On request of Tau-Ken Samruk, the technical due diligence of the production facilities, machinery, equipment and infrastructure was undertaken. The main tasks included the inspection of the company’s assets, data preparation, review of the production, technical, technological and environmental aspects of the company. The work resulted in the expert statements on the mining method and reserves, the ongoing ore studies, suitability of the proposed technology, and the feasibility of capital expenditures.

2013               Business Plan for the Project of Shalkiya Polymetallic Ore Deposit Development and Concentrator Construction, Kazakhstan
On request of Tau-Ken Samruk, IMC Montan prepared the business plan for Shalkiya polymetallic ore deposit development in Kyzylorda Oblast, Republic of Kazakhstan, and construction of the concentrator. The detail level of the report meets the Scoping Study requirements. The goal was to make an expert statement on the project viability from the financial, economic, production and technical viewpoints.

2013               Mineral Expert’s Report (MER/CPR), Evrazholding
On request of Evrazholding, an independent valuation of the company’s assets located in the Urals and Kemerovo Oblast was undertaken, and the Mineral Expert’s Report (MER/CPR) was produced. IMC Montan carried out the audit of the company’s development plans, including the mine plans. Based on the mining audit, the resources and reserves were classified in compliance with the JORC international system.

2013               Valuation of Gold and Silver Resources of Kirchenovskoye Deposit (Zabaikalsky Krai)
On request of Aurum Trading, the resources of Kirchenovskoye deposit were evaluated. IMC Montan studied the results of the historic geological exploration, the technical and economic justification of the temporary exploration parameters and reserve estimates and drew a conclusion on the feasibility of the evaluation of the gold and silver resources of the deposit in compliance with the JORC Code requirements.

2013               Scoping Study of the Iron-Titanomagnetite-Vanadium Deposit Development (Chita Oblast)
On request of EN+, IMC Montan produced a brief statement on the feasibility of large iron-titanomagnetite-vanadium deposit development. The statement contained the technical and economic justification of costs for construction and operation of the mine, concentrator and the required infrastructure.

2013               Review of the Current Status of Operations. Valuation of Resources and Reserves of Korchakolsky Opencast (Kemerovo Oblast)
On request of Сoeclerici, a comprehensive review of the mining operations was carried out, and the coal assets were evaluated. In the course of the work, IMC assessed the suitability and efficiency of the deposit development methods, reviewed the methodology of the reserves estimation and classification. The work resulted in the revision of the production plan in view of the re-estimation of reserves, mining and geological conditions, availability and conditions of the equipment and infrastructure. The cash flow model was produced.

2013               Evaluation of Reserves and Resources of OAO Raspadskaya
At the request of EVRAZ, IMC Montan has assessed resources and reserves of OAO Raspadskaya in accordance with the JORC Code. During the evaluation, various aspects of operation of the enterprises that belong to OAO Raspadskaya were analyzed. On the results of the evaluation, the company’s assets were recorded in the accounts of the Client as at the date of acquisition.

2013               Scoping Study for Development of Coal Deposits in Sverdlovsk Region
IMC Montan analyzed potentials for development of coal deposits in Sverdlovsk region: Troshkovskoye, Lipovskoye and Elovskoye deposits. The report included an assessment of study level of deposits, recommendations for further geological exploration, review of technical and economic parameters of coal mining and processing in these deposits. In the course of the work, IMC Montan made an assessment of local infrastructure, and developed economic models of the operations. The purpose of these studies was to find potential customers and define competitiveness of the Sverdlovsk region’s coals in domestic and foreign markets.

2013               Scoping Study for Development of Verkhnetykhtinsky Site
At the request of OOO Razrez Trudnoarmeysky Yuzhny (Trudoarmeysky Southern Opencast), IMC Montan made assessed potentials for development of Verkhnetykhtinsky Site at a Scoping Study level. Apart from a resource evaluation of the deposit, IMC Montan consultants considered the surface mine construction options, prepared a technical and economic plan, determined material balance of saleable products and processing parameters, prepared a preliminary location plan, and considered the issues related to surface infrastructure. On the results of the work, consultants revealed the key problems related to the development of the production capacity, and suggested option to address the problems, as well as indentified the risks related to coal mining and sales, and set up priorities for further implementation stages of the project.

2013               Quality Assessment of the Elga First Phase Coal Complex Construction Project
In the course of the report preparation, main aspects of the mine construction were reviewed. Basic permits, design documentation and estimates were analysed and key technological parameters of the project evaluated. Also, possible risks related to the project implementation were assessed. Appropriate recommendations were given during that job.

2013               Due Diligence of Maikuben Surface Mine at Shoptykolskoye Brown Coal Deposit, Kazakhstan
At the request of Investor the current status and prospects for the surface mine development were assessed. In the course of the assignment implementation mining, geological and technological aspects were analyzed, the current conditions of the main technological equipment, basic infrastructure, processing, preparation and in-situ gasification capabilities, environmental factors impacting the production processes were assessed. Prospects for the surface mine development were reviewed. The analysis carried out demonstrates that organizational and technical measures, improvements in planning and reporting system and mining equipment renovation may result in production build-up.

2013               Anthracite Marketing and Application Areas
On request of Siberian Anthracite, an expanded anthracite market study was undertaken in conjunction with INKRU (Coal Market Trend Institute). Apart from the coal producers and consumers, the potential methods of anthracite processing and its application in various industries were analysed.

2013               Mineral Resource Evaluation of Unkurtash Gold Project, Kyrgyzstan .
At the request of “Highland Gold” a Mineral Resource Report of the Unkurtash Gold Project incorporating the deposits of Karatyube, Sarytuybe and Unkurtash proper was updated. Further exploration carried out by “Highland Gold” ensured higher level of geological knowledge of the Unkurtash deposit, detailing of ore zone morphology, characteristics of ore quality and tonnages. It was recommended that the Report with the deposit reserve estimation should be submitted to the GKZ of Kyrgyzstan and a Pre-Feasibility Study for economic viability of the Unkurtash project reserve mining and processing should be prepared.

2013               Evaluation of JORC-Compliant Resources at Chertandinskoye Coal Deposit, Novosibirsk Oblast.
The assignment was carried out at the request of “OOO “Region-Oil”. The work was aimed at evaluation of JORC-compliant coal resources. IMC Montan reviewed results of geological exploration, pre-TEO of mining parameters and reserve estimates. Based on the presented information, reserves were estimated and recommendations and conclusions were made.

2013               Resources and Reserves Valuation of Mechel-Mining Operations
On request of Mechel-Mining, we have prepared a valuation of resources and reserves of the company under the JORC Code. The valuation included all mining and processing operations of Mechel-Mining, including: Yuzhny Kuzbass, Yakutugol, Korshunovsky GOK, and Bluestone (USA). Results of this evaluation were used by the company for international financial accounting.

2013               Scoping Study of Deputatskoye, Churpunnya and Tirekhtyakh Deposits Development in the Republic of Sakha (Yakutia).
The report was prepared by IMC Montan on request of GOK Deputatsky for the deposits development project and identification of the deposits’ technical and economic parameters. The report addresses all aspects of the operations to mitigate the significant risks of the saleable products output and sales, and to select the optimal production development option. The Scoping Study is the international document to be used for fund raising and justification of the investment efficiency, and is the basis for the further design document development.

2013               Scoping Study of Kaolin Mining and Processing Facilities Construction at Alekseyevskoye Deposit (Kazakhstan).
On request of Kokshetau-Kaolin (Kazakhstan), the Scoping Study of the kaolin mining and processing facilities construction at Alekseyevskoye deposit was undertaken. The report addresses the key aspects of resumption of kaolin mining and processing operations at the deposit in detail. The report focuses on the review and preliminary estimation of the deposit reserves and mining operations. The detailed review of potential sale markets was made, and the financial model was built to assess the cost effectiveness and select the optimal development option.

2013               Valuation of Reserves and Resources of Iron Ore Deposits of Olenegorsky GOK.
On request of OLCON (Severstal Resource), the reserves and resources of the iron ore deposits of Olenegorsky GOK (Murmansk Oblast) were estimated in compliance with the JORC Code. The project team included experts from Russia, UK and Germany to combine the knowledge of the Russian standards and rules with the international experience in mine reserves valuation. The report is based on the inspection of the company’s production facilities and the data provided by the company staf.

2013               Potassium Salt Resources and Reserves Evaluation of Vostochny Part of Nezhinsky Area in the Starobinskoye Deposit, Belarus.
On behalf of IOOO Slavkaly, IMC Montan experts carried out potassium resources and reserves evaluation of Vostochny part of Nezhinsky area in the Starobinskoye deposit in accordance with the JORC Code. During the work experts reviewed geological data and mining-technical justifications of mining, and considered in detail the ore processing issues, as well as examined environmental risks associated with development of the given deposit; prepared production-and-financial model and conducted an economic assessment of the company.

2013               Technical-and-Economic Proposal for Development of the Elegest Deposit of Ulug-Khemsky Coal Basin in the Republic of Tyva).
The given technical-and-economic proposal was prepared by IMC Montan experts together with OOO TEPK intended to participate in the tender for the right on use of subsoil resources to exploration and production of coal in the Elegest deposit of Ulug-Khemsky coal basin, the Republic of Tyva. During the work, IMC Montan reviewed geological data and existing studies on development of the deposit. Experts have suggested the deposit access and development methods, designed ventilation circuit, selected a ventilation method, and provided solutions on water drainage complex of the mine. Regarding the surface complex, experts made solutions on power, water and heat supply; proposed master plan for surface objects; and prepared the mine construction schedules by stages of the deposit development. They suggested solutions on the processing plant. A production-financial model was prepared and an economic assessment of the project was carried out.

2013               Assessment of the Planned Site Rehabilitation Costs.
An assessment of the planned site restoration costs was carried out for three companies of OAO Zoloto Kamchatki. Assessment results are intended for the international financial reporting of the company on allocation of funds for the disturbed land rehabilitation.

2013               Statement on the Technical and Economic Proposals for the Planned Development of Zashulanskoye Black Coal Deposit, Zabaikalsky Krai
On request of Vostsibugol, IMC assessed the quality of the Technical and Economic Proposals for the Planned Development of Zashulanskoye Black Coal Deposit produced by SibProektGrupp. The work was arranged as sessions to coordinate the work of the Russian (SibProektGrupp) and the Chinese (DADI Institute) designers with regard to the major parameters: technical and technological issues, marketing, economics. In the course of the sessions, the rational solutions were developed which were used as a basis for the final technical and economic proposals

2012               Due Diligence for the Project on Titanim-and-Ilmenite Ores Mining and Processing in the Obukhovskoye Deposit (Kazakhstan).
On behalf of one of the potential international investors, IMC Montan conducted Due Diligence for assets of a major titanium-ilmenite ores producer in Kazakhstan. The work included also assessment of production costs, a unit cost of production, and calculation of cash flows. In addition to the work under the resource evaluation, IMC Montan experts have prepared recommendations and identified risks during their audit of production and financial aspects of Zashulanskoye and Krasnochikoyskoye bituminous coal deposits.

2012               Resource and Reserve Valuation of Kyshtymsky GOK (Chelyabinsk Region)
One of potential investors requested IMC to carry out resource and reserve valuation of Kyshtymsky GOK according to the international JORC Code. The work involved assessment of the ongoing geological exploration, analysis of sampling results, valuation of resources and reserves, and development of cash flow models.

2012               Technical Due Diligence of Sibuglemet Assets (Kemerovo region).
On request of the potential investor, the technical due diligence of mining and processing assets of the company was undertaken. The experts visited the company’s assets and reviewed the mining, geological and engineering conditions of the deposits, as well as the conditions of the major equipment. Based on the work results, the report was produced, which contained the expert statement on the general conditions of the assets and the development prospects.

2012               Valuation of Aganozeskoye Chrome Ore Resources and Reserves (Karelia).
At the request of WAARDE Capital valuation of resources and reserves was implemented. In the course of the assignment implementation balance and industrial reserves were brought into compliance with international standards. All main aspects of the company operations were considered. IMC Montan presented forecast of the chrome market development and made estimates of investment efficiency with regard to future potential changes of the situation in the market.

2012               Competent Person’s Report for OAO Mechel-Mining
Upon request of MECHEL Holding Company, we have prepared Competent Person’s Report on LSE Standards according to ESMA requirements and on NESE Standards according to SEC Guide 7 for valuation of iron ore and coal resources and reserves of the following companies: Korshunovsky GOK, Yuzhny Kuzbass, Yakutugol (including Elginsky GOK) and Bluestone; as well as review of operation of all the companies and development of cash flows by companies.

2012               Statement on Compliance with the Best International Labour Safety Practices at OAO Vysochaishy Gold Mines
Upon the request of OOO Ekopromsistemy, IMC Montan carried out an audit of compliance with the leading international practices of occupational health and industrial safety those employed in the company. IMC Montan prepared a report that included recommendations on introduction of the best international practices.

2012               Voskhod Chrome Deposit Reserve Valuation (Kazakhstan).
On request of Voskhod Oriel (Mechel Group), IMC Montan evaluated the resources and reserves of chrome ore deposits in compliance with the JORC standards. The geological, mining, engineering and environmental aspects of the operation were reviewed in the course of the work. The potential reserve increase was estimated, and chrome mining and processing capacities were assessed. The production and financial model was developed, and the economic assessment was made.

2012               Scoping Study, Justification of Investments and Technical Solutions for Extension of Karalveyem Mine, Chukotka Autonomous Okrug.
On request of Zolotye Proyekty, the scoping study was undertaken to justify the investments and the principal technical solutions for extension of Karalveyem mine. The work resulted in the expert statement on the current operations and recommendations for improvement of the mine performance. The development programme was revised.

2012               QC/QA of Taimyr Peninsula Coal Deposits Development.
At the request of OAO GMK Norilsk Nickel, IMC Montan in association with KPMG conducted QC/QA of the Taimyr Peninsula coal deposits development. In the course of the work done the experts prepared individual reports for each deposit corresponding to the detail level of a Scoping Study. The reports contained recommendations as to the required scopes of additional exploration, 20-year production schedules, draft coal preparation flow sheets, general layout plans, production tonnages and construction volumes, mine construction schedules, economic models. With a view of choosing the most attractive investment project the deposits were ranked based on several criteria.

2012               Valuation of Reserves of Deposits of lead-zinc ores
On request of subsoil user, the resources and reserves were evaluated in compliance with the international JORC Code standards. The work was based on the provided documents, designs, plans and analytical data. The work resulted in the expert statement on the available mineral resource and reserve base and recommendations for improvement of the mine performance. The development programme was revised.

2012               Valuation of Gold Mineral Resources of Lyubavinskoye Deposit, Zabaikalsky Krai
The deposit resources were evaluated on request of Highland Gold, in compliance with the international JORC Code standards. IMC Montan assessed the reliability of the geological data and estimated the reserves submitted to GKZ. The recommendations for further deposit studies were provided for the preparation of the deposit for commercial development.

2012               Assessment of the Investment Attractiveness of Novopoltavskoye Apatite and Rare Metal Deposit (Ukraine)
On request of the potential investor, the deposit valuation was undertaken. All provided documents were studied, and the deposit conditions were assessed. The detail level of the report is that of the scoping study. The work addresses the key aspects of the deposit development, various mineral mining and processing methods and available infrastructure. Several options of the deposit development were proposed.

2012               Scoping Study for Construction and Operation of Uvalnaya Mine (Kemerovo Oblast)
On request of Sibirskaya Coal Company, the scoping study of the design for construction of coal mining facilities at Uvalnaya Mine Take and Uvalny Gluboky sites was undertaken. Various options of the mine construction were reviewed in the course of the work; the mine development concept was elaborated to work out the most attractive investment project. The major problems related to the production capacity achievement were identified, and the options for their solution were put forward. Coal mining and sales risks were identified. The priorities were set for the next stages of the project implementation.

2012               Due Diligence of Dastakert and Lichkvaz-Teya Deposits’ Documentation, Armenia
Due Diligence of the Dastakert copper-molybdenum and Lichkvaz-Teya gold deposits’ documentation was carried out at the request of Molibdeny Ashkhar Company. IMC Montan analyzed the presented documentation, projects, plans, analytical data and recommendations in the main work aspects with a view of development of Feasibility Study for construction of Dastakert GOK

2012               Due Diligence of a Mining and Processing Complex on the Basis of Gold-Copper Madneuli and Sakdrisi Gold-Copper Deposits, Bolninsky District, Georgia
IMC Montan assessed the current status of the mining and processing complex (GOK) at the Madneuli and Sakdrisi gold-copper deposits. In the course of the assignment implementation mining operations, ore production and processing were analyzed, expert judgment of the available reserves and resource base was given, conclusions and recommendations for each aspect of the GOK operations were prepared

2012               JORC Resource and Reserve Valuation for OOO YKU, Kemerovo region
At the request of EvrazHolding IMC Montan prepared update of Resource and Reserve Valuation Report for Yuzhkuzbassugol (Novokuznetsk). In the process of the Report preparation IMC Montan visited 10 coal mines and two Coal Preparation Plants owned by the Company. Review of Company’s current status and analysis of potential operational, environmental and other risks were made, resources and reserves of the Client were revaluated in compliance with the international system for reporting reserves and resources (JORC Code). The assignment was implemented in the shortest time possible and the results were used in the preparation of financial statements and its subsequent audit by financial auditors – Ernst &Young.

2012               Mineral Expert’s Report (MER/CPR), Siberian Anthracite, Novosibirsk Oblast
On request of Siberian Anthracite, the independent audit of the company’s assets was conducted, and the Mineral Expert’s Report (MER/CPR) was produced. IMC Montan reviewed the valuation practice and methods used by the Client’s specialists for reserves and resources estimation in compliance with the Russian classification system and converted the Client’s reserves and resources in accordance with international reporting system requirements (JORC)

2012               Coal Mines Reserves Valuation
On request of Russian Coal, IMC Montan carried out reserves valuation in compliance with the JORC Code for mines of Russian Coal. In the course of the work, technical and financial aspects of each operation were assessed, cash flow models were produced for each mine, and the net present values were identified

2012               QA/QC of Exploration and Evaluation of JORC-Compliant Mineral Resources of Nakhodka Ore Field (Baimsky License Area, Chukotka)
At the request of GDK Baimskaya LLC (RGK managing company) IMC Montan performed an audit and monitoring of geological exploration at a porphyry copper deposit. IMC Montan made appropriate recommendations as to the exploration programme update and exploration methods used. In addition, the assignment included verification of geological resources/reserves estimation reliability at the Nakhodka ore field that was made on the basis of 3D modeling. The work carried out ensured evaluation of resource in compliance with the JORC Code standards.

2012               QA/QC of Exploration and Evaluation of JORC-Compliant Mineral Resources of Klen Deposit (Chukotka)
At the request of Klen LLC (RGK managing company) IMC Montan reviewed geological exploration conducted at the deposit in the past and analyzed the on-going geological exploration programme, monitored it step-by-step and made appropriate recommendations. Wireframe and block models were also audited. The audit included verification of the structure, integrity and reliability of the data bases, correctness of mineralized zone interpretation and adequacy of the applied methods of resource estimation. The work carried out ensured evaluation of resource in compliance with the international JORC Code system.

2012               Review of Coal Company Development Plan
IMC Montan carried out a brief analysis and delivered experts’ judgment and recommendations on mining and technical conditions of Yuzhny Coal Company mines in Rostov Oblast. Seam characteristics, current and future mine plans were studied and the company risk analysis was prepared in the course of the assignment implementation.

2012               Mineral Expert’s Report, Raspadskaya Coal Company
IMC Montan carried out independent valuation of Client’s company coal assets and prepared Mineral Expert’s Report (МЕR/CPR) on reserves and resources of the mines incorporated into OAO Raspadskaya Coal Company. The Report was prepared in compliance with the British Stock Exchange standards and CESR Directives. IMC Montan carried out an audit of the company development plans, including mine plans for the underground mines: Raspadskaya, MUK-96 and Raspadskaya-Koksovaya; and Raspadsky opencast. Based on the mine audit, resources and reserves were classified in compliance with the JORC Code system; the Company cash flow model was developed as well. The report is used for listing in ISE.

2012 Mineral Resources Evaluation on Maletoyvayam Area, Kamchatka
On request of OAO Kamchatskaya Mednaya Kompaniya (incorporated into Zoloto Kamchatki), mineral resources of gold and silver were evaluated on Maletoyvayam area. IMC Montan reviewed the findings of prospecting and evaluation studies and produced the report on mineral resources of Maletoyvayam area in compliance with the JORC Code (prepared by the Joint Ore Reserves Committee of the Australasian Institute of Mining and Metallurgy, Australian Institute of Geoscientists, and Minerals Council of Australia).

2011                    Coking Coal Mining Project Efficiency Assessment, Nizovsky Sites, Zavyalovskoye Deposit, Novosibirsk Oblast
In request of Finasta, the efficiency of the project for coal mining on Nizovsky sites, Zavyalovskoye deposit, was assessed. The deposit nature, mining area, geotechnical and mining conditions were reviewed in the course of the work. The company’s specialists visited the deposit and studied all provided documents. Based on the work findings, specialists identified risks related to the deposit development, estimated capital expenditures and generated the cash flow model to assess the project efficiency

2011               Valuation of the Medvedevskoye (Chelyabinsk Oblast) ilmenite-titanium-magnesium and building stone resources and reserves
At the request of the Medvedevsky GOK IMC Montan carried out valuation of resources and reserves in compliance with the JORC Code. The assignment was of significant importance for development of the Company strategy envisaging ramp-up of the GOK capacity. IMC Montan made Benchmark Analysis of ilmenite-magnetite raw materials to identify potentials for sales of the GOK final products

2011               Technical Audit of Operating Cement Plant and Plant under Construction, Novosibirsk Oblast
On request of Iskitimcement, the technical audit of the operating cement plant and the plant under construction was undertaken. All company assets, including open pits, were considered in the course of the work. The sale market and sale forecasts were not addressed. Based on the results of the analysis conducted in various competence areas, and having studied the provided documents, IMC produced the statement on the company performance

2011               Preliminary Study of the Uranium Ore Mining Site (Namibia)
On completion of the visit to the deposit site, experts prepared a report and made recommendations on development of the deposit.

2011               Due Diligence of Rare-Earth Ore Producer, Murmansk Region
On request of an investment company, IMC Montan experts have carried out a Due Diligence for rare-earth ore producer, OOO Lovozyorsky GOK (Mining-and-Beneficiation Complex). The work covered review of mining, infrastructure, environmental protection, industrial safety, and economic performance issues. The resulting report included statement on general status and development prospects of the company.

2011               Estimation of Unkurtash and Karatyube Gold Resources (Kyrgyzia)
At the request of Highland Gold the deposits’ resources were estimated in compliance with the JORC Code. IMC Montan verified the geological data of the deposit, made random check of the reserve estimates approved by the Kyrgyzian GKZ, carried out geological modeling of the deposit and estimated mineral resources. Recommendations for further exploration of the deposits and their preparation for commercial development were made. In addition, optimization of open-pits at the deposits was accomplished based on the models.

2011-2013     Bankable Feasibility Study, Tominsky GOK
On request of ZAO Tominsky GOK, IMC Montan prepared the Bankable Feasibility Study for Tominsky GOK project. The outcome of the work is the report comprising 7 volumes, describing each aspect of the mine in the design stage, which is used by the company for constriction of the mining and processing facilities, development of working documents and funding of the project.

2011               MER, Russian Copper Company
IMC Montan produced the Mineral Expert Report covering all mining facilities and assets of Russian Copper Company. The report complies with the international requirements, contains information reviewed by the experts, the company’s resource and reserve statements, and financial data. The report is based on the valid licences and documents, official state reports, mine designs and development plans of the company.

2011               Bankable Feasibility Study, Mikheyevsky GOK
On request of the Russian Copper Company, the Bankable Feasibility Study was undertaken for Mikheyevsky GOK by IMC Montan. The outcome of the work is the report, comprising 11 volumes, describing each aspect of the mine under review, which is used by the company for constriction of the mining and processing facilities, development of working documents and funding of the project.

2011               Valuation of Bratskoye Granite Resources and Reserves
At the request of OOO Progress, the resources and reserves were evaluated in compliance with the JORC Code. Based on the available design documentation, efficiency of granite processing plant construction and future operations was analyzed. The following aspects of the operations were considered: infrastructure, human resources, marketing and the project economics was estimated and assessed. Appropriate recommendations as to the aspects considered were made.

2011               Expert’s Conclusion on Technical and Economic Proposals for GOK Construction at Chernyanskoye Iron Ore Deposit
Solutions of Technical and Economic Proposals as to choice of the open-pit geometrical parameters, access scheme, deposit development and ore processing technologies were analyzed and assessed for relevance in terms of the deposit conditions. Based on the work results IMC Montan developed recommendations aimed at improvement of economic efficiency of solutions laid in Technical and Economic proposals.

2011               Scoping Study for Development of Peschanka Deposit
Scoping Study for development of Peschanka deposit (Chukotka AO) was carried out at the request of OOO GDK Baimskaya. The mining method was chosen, the number of employees was estimated, aspects of external and internal infrastructure, ore concentration and concentrate treatment and refining were considered. Preliminary EIA was prepared. International and domestic markets of saleable products were considered, economic efficiency of the deposit development was estimated for several options of the operations organizations.

2011               Polosukhinskaya Underground Mine Coal Reserve Valuation
We have carried out resource and reserve valuation of Polosukhinskaya mine in accordance with the internationally accepted JORC Code standards. The mine is located in Novokuznetsk district of Kemerovo region. We considered all the operational aspects of the mine as well as potential for coal reserves extraction, on the basis of available mining schedules. We estimated operating costs and capital expenditures for sustaining of production taking into account of current status of the mine. A projection of consolidated cash flows was prepared and a discounted net present value was indentified.

2011               Valuation of Magnesite Deposit Resources and Reserves
At the request of OOO “Magnesite Group” the company specialists implemented resource and reserve valuation of Satkinskoye, Berezovskoye (Chelyabinsk Oblast) and Goluboye, Kirgiteiskoye (Krasnoyarsk Krai) deposits of the group. GKZ reserves and resources were converted into the JORC-compliant format. Besides, the consultants presented additional reports as to: Recommendation for improvement of Berezovsky open-pit efficiency, Strategic development of mining operations based on the group requirements as well as Recommendation for improvement of efficiency and expediency of restoration work at OAO Kombinat Magnezit, Satka.

2011               Valuation of Aganozeskoye and Shalozerskoye Chrome Ore Resources and Reserves
At the request of OAO Karelmet valuation of resources and reserves was implemented. In the course of the assignment implementation balance and industrial reserves were brought into compliance with international standards. All main aspects of the company operations were considered. IMC Montan presented forecast of the chrome market development and made estimates of investment efficiency with regard to future potential changes of the situation in the market.

2011               Resource and Reserve Evaluation of Usinskoye Manganese Ore Deposit and Assessment of Manganese Concentrate and Ferroalloys Production Technology
On behalf of ZAO «CHEK-SU.VK», we have carried out manganese ore resource and reserve evaluation, as well as assessment of investments for construction of a mining-and-processing complex (GOK), review of required infrastructure, and review of the manganese ore concentration process and ferroalloy production technology. The work resulted in reserve estimation according to the JORC requirements, development of a consolidated cash flow with indication of revenues, operating costs, and costs for mine development and production sustaining according to the production schedule.

2011                Expertise of Technical and Economic Calculations on Options for Kachkanar Proper Iron Ore Deposit’s Access and Development, in OAO EVRAZ KGOK
The report was prepared in the form of recommendations and proposals. During the assignment, we have carried out audit of Technical-Economic Calculations (TEP) prepared by Pitergorproject Design Institute together with Warley Parsons. Our work included also review of the following aspects: modeling of raw materials base and mining method; open pit access schemes; consideration of mining-geological and mining-technical factors during designing of the surface mine and transportation schemes. The resulting expertise report included proposals on modification of the TEP for further designing.

2011              Ore Resource and Reserve Valuation of Oleny Ruchey and Partomchorr Apatite-Nepheline Ores Deposits and Talitsky Site of Verkhnekaskoye Potassium Salt Deposit for OAO Akron Companies
In the course of the report writing, we carried out the resource and reserve valuation in accordance with the internationally accepted standards covering the following aspects: review of geological conditions and nature of the deposits; resource and reserve verification and estimation; assessment of efficiency of current mining methods for development of deposits; re-consideration of a production schedule with account of reserve re-estimation, mining-geological conditions, and equipment and infrastructure status and availability. Projection of a consolidated cash flow was prepared, including operating costs and expected capital expenditures.

2011               Expert Statement and Assessment of 3-D Model of Blaiken/Ersmarksberget and Pahtavaara Deposits
On behalf of Trading House Soyuz, IMC Montan specialists have visited the deposit site and reviewed geological exploration carried out, drilling techniques, ore mining and processing methods, and the resource base, in the course of the report writing. As well as specialists have analysed potentials for conversion of the available beneficiation plant, carried out calculations of costs and indentified the project’s payback period. The work resulted in preparation of the expert statement on efficiency and prospects for development of each mine.

2011               Brief Due Diligence for Urtuysky Open Pit (ARMZ, PPGKhO, Chita Region)
We reviewed industrial activities of a coal production segment of the PPGKhO. The review included analysis of mining operations, infrastructure, environmental protection issues, industrial safety, and economic parameters. The work was focused on analysis of cost structure in order to identify bottlenecks in production and for increase of the labour efficiency. Consultants suggested various activities to facilitate improvements in the productivity of the open pit, including for a long-term future. The work format and prevision complies with a Scoping Study level.

2011               Assessment of Project Efficiency for Construction of the GOK in Inkurskoye and Kholtosonskoye Tungsten Deposits Buryatia.
On behalf of Acropol Group we have carried out assessment of the project efficiency for construction of the GOK in Inkurskoye and Kholtosonskoye tungsten deposits. The assignment involved analysis of nature of the deposits, review of the mining areas, and geological conditions, as well as assessment of resources. The work included also identification of the risks related to development of the deposits. Resulting conclusions were based on estimation of the capital expenditures for construction of the GOK and development of cash flows on investment efficiency.

2011               OAO FosAgro Apatite-Nepheline Mineral Resource and Reserve Valuation
At the request of OAO FosAgro mineral resources and reserves of apatite-nepheline ores were evaluated. The company key figures and areas of operations were audited, a reserve statement was prepared and recommendations to enhance the project efficiency were developed. In July 2011 OAO FosAgro passed IPO in London Stock Exchange.

2011               Mineral Expert’s Report for Kazakhmys Plc
At the request of Kazakhmys Plc, IMC carried out Due Diligence of the assets and prepared Expert’s Report. The work done is the major component for IPO preparation. In June 2011 Kazakhmys Plc was successfully listed with Hong-Kong Stock Exchange (HKEx).

2011               Scoping Study for Development of Chertandinskoye Coal Deposit (Novosibirsk Oblast)
At the request of Region-Oil, IMC Montan prepared a Scoping Study for open-pit and underground mining of Chertandinskoye coal deposit (North and South). Various aspects of the deposit development (Infrastructure, Environment, Human Resources, Mining, Economics etc.) were reviewed. The geological exploration performed was assessed, with practical recommendations made for preparation to recording reserves on the GKZ balance and further design and exploration stages. Based on the comprehensive analysis, 20-year cash flow forecast was generated and an optimum development option selected.

2011               Scoping Study for Extraction of Silver-Containing Polymetallic Ores in Verkhne-Menkeche Deposit (Yakutia)
At the request of GEOPROMINING, IMC Montan prepared a Scoping Study for an underground project of mining silver-containing polymetallic ores in Verkhne-Menkeche deposit (Yakutia). Various aspects of the deposit development, including transport logistics, construction of infrastructure facilities, access to reserves and development of the deposit, marketing, processing, economics and risk analysis etc. were reviewed. Some key aspects of the deposit development were considered on a much more detailed level. Based on the comprehensive analysis, 20-year cash flow forecast was generated and recommendations made for further design and exploration stages.

2011               Resource and Reserve Valuation of Coal Mines
At the request of OOO Kolmar JORC resource and reserve valuation of Denisovskoye and Chulmakanskoye license areas was carried out. The main criteria of the mine operations (mining, coal washing, infrastructure, environmental protection etc.) were reviewed. Within the scope of work the Customer was presented a preliminary conclusion on efficiency of longwall mining system under complex mining and geological conditions of Denisovskoye deposit, and relevant recommendations were made. A resource and reserve valuation of Chulmakanskoye deposit was carried out based on the key aspects of the long-term planning of the company envisaging surface and underground mining of the license area, including Room and Pillar method.

2011               Due Diligence of Erunakovskaya VIII Mine Construction Project, Kuzbass
At the request of Erunakovskaya VIII mine of OAO Yuzhkuzbassugol (EVRAZ Group) Due Diligence of Erunakovskaya VIII Mine Construction Project in Kuzbass, was implemented. As a result of the assignment different deposit development and coal transportation options were proposed and reviewed.In the course of the work due diligence of Erunakovskaya VIII mine design solutions was carried out, including: access schematic, sequence of reserve mining, siting of infrastructure facilities. Operational reserves and optimum production of the mine were estimated. All aspects of the mine life were reviewed and a financial model was built to estimate the efficient parameters of the mine operations.

2011               Pre-Feasibility Study, TEO (Project) Mining Part Update and Resource & Reserve Valuation of OAO “Zoloto Kamchatki” Gold Ore Deposits
At the request of Interminerals, the mining part of the TEO (project) for construction of mining and processing facilities was updated and recommendations for optimization of Ametistovoye reserve development made. Pre-Feasibility Studies for development of 4 Balkhach ore cluster deposits were prepared, the mining and geological models and the deposit resource estimates were updated, various mining and processing options were considered and the most optimum one from the viewpoint of the Consultant, the Customer and in terms of the Russian Law requirements was selected. JORC resource and reserve valuations of Ametistovoye and 4 Balkhach ore cluster deposits, Aginskoye gold ore deposit were carried out.

2010-2011               Competent Person’s Report for Management Company Industrial Metallurgic Holding
At the request the management company Industrial Metallurgic Holding coal and iron ore reserves of KMA Ruda, OAO Koks and OAO Ufaleynickel were audited and Mineral Expert’s Report was prepared. IMC experts reviewed all the significant operational aspects of the companies incorporated into the Holding, revaluated reserves and resources under the JORC Code. In late July 2011 OAO Koks carried out floatation of Eurobonds.

2010               Resource and Reserve Valuation of Quartz Mining and Processing Complex (GOK)
A resource and reserve valuation under the JORC Code was carried out for a quartziferous ore deposit in the Urals. In the course of the work done IMC Montan carried out a technical capability and economic feasibility study of significant build-up of the GOK ore production and processing tonnages. A Scoping Study of geological capability and economic feasibility for extension of the mine resource base at the expense of incorporating new prospects into mining was also carried out.

2010               Mineral Resource and Reserve Valuation of Don-Granit Building Granite Deposit
At the request of VB-Development Chernozemie, JORC resource and reserve valuation of the building granite deposit being prepared for development was carried out. All the main aspects of the company operations (mining, infrastructure, environment, social aspects etc.) were considered and recommendations to increase technical and economic viability of the project to be implemented were made. The project return on investment of was estimated.

2010               Mineral Resource and Reserve Valuation of All EvrazHolding Mining Assets
With a view to keep accounting in compliance with the International Financial Accounting Standards JORC resource and reserve valuation of EvrazHolding Russian and foreign mining assets was carried out. Each mine restoration expenses, investments into development and sustaining production were estimated, production plans were analyzed and adjusted as well as cash flow models were projected for the life of reserves.

2010               Pre-Feasibility Study for Construction of Abayskaya-Naklonnaya Mine (Kazakhstan)
At the request of TOO “TPK “BAS” Pre-Feasibility Study for construction and operation of Abayskaya-Naklonnaya Mine in Sheruby-Nurinsky coal district in Karaganda Region (Kazakhstan) was prepared. The work included estimation of mineable reserves, review of all indispensable aspects of the company activities and projection of a financial model for estimation of the project viability and choice of optimum development option.

2010               Mineral Resource and Reserve Valuation of Sibenergougol Coal Open-Casts (Kemerovo Region)
At the request of a potential investor JORC resource and reserve valuation of coal open-casts developed by Sibenergougol and located in Novokuznetsk district of Kemerovo Region was carried out. All the key aspects of the mine operations as well as prospects for incorporating new reserves into development were considered. The project return on investment with account of the current production and plans to build up production was estimated.

2010               Technical and Economic Evaluation of Proposals for Tailing Thickening Plant at Vysokogorsky GOK (Nyzhny Tagil)
At the request of EvrazHolding, technical and economic evaluation of proposals for tailings thickening plant planned for construction at Vysokogorsky GOK was carried out. Recommendations for optimization of construction capital expenditures, the project implementation dates and procedure were made.

2010               Technical and Economic Evaluation of Iron Ore Production and Processing Build-Up Project at Lebedinsky GOK (Kursk Region)
The company carried out technical and economic evaluation of a significant iron ore production and processing build-up project to be implemented at Lebedinsky GOK. To choose the optimal production and stripping equipment, ore haulage system and direction of the mine development plan in the open-pit, a comprehensive analysis of mining and geological conditions and infrastructure facilities was carried out. The evaluation covered all the build-up project components, including: development of dump capacity, tailings facilities upgrading, construction of the concentrator facilities, development of internal and external infrastructure, final product shipment logistics. As a result of the work done the project return on investments was estimated and the project risk analysis made. The project implementation will enable Lebedinsky GOK to become the largest iron ore open-pit and one of the biggest open-pit mining companies in the world.

2010               Technical and Economic Evaluation of Hematite Ore Processing Project at Mikhailovsky GOK (Belgorod Region)
The company carried out technical and economic evaluation of oxide (hematite) iron ore processing project at Mikhailovsky GOK. Different options of the GOK oxide ore processing capacity were considered and the optimum option was selected based on the life of reserves, market conditions and return on investment. The evaluation covered analysis of requirements in upgrading internal and external infrastructure, choice of ore transport system, environmental aspects, finding optimum sites for construction of the processing facilities, product shipment to consumers. The major area of investigation was choice of the optimum ore processing technology, including assessment of requirements in equipment with account of the Russian and international experience. As a result of the work done estimation of return on investment was made and the project risk analysis was made. The project is the best practice project in Russia in terms of introduction of oxide iron ore processing technology on an industrial scale. The project implementation will enable Mikhailovsky GOK to significantly increase iron ore concentrate production, to increase integrity of mineral resources utilization and to reduce dumping tonnages.

2010               Technical and Economic Evaluation of Tailing Processing Project at Mikhailovsky GOK (Belgorod Region)
The company carried out technical and economic evaluation of Mikhailovsky GOK tailing processing project. The evaluation included analysis of requirements in upgrading internal and external infrastructure, environmental aspects, choice of optimum tailings processing technology and the equipment fleet for the processing plant, choice of location for the construction site. As a result of the work done the project return on investment was estimated and the project risk analysis was made.

2010               Organization of Mine Planning System at Siberian Anthracite (Novosibirsk Region)
Considering production specifics of Siberian Anthracite, efficient mine planning method based on up-to-date IT systems was developed. The proposed planning system takes maximum account of the best Russian and foreign practices using mine planning IT systems. The designed planning system includes procedures for development of long-term, mid-term and short-term plans as well as current mine plans of the company. A strategic plan for development of coal open-pits designed using 3D computer mining and geological modeling was used as a basis for mine planning.

2010               Technical and Economic Study for GOK (Mine + Concentrator) Construction Project at Lomonosovsky Iron Ore Deposit (Kostanay Region, Kazakhstan )
IMC Montan carried out a review and valuation of Lomonosovsky iron ore reserves in Kazakhstan and prepared Technical and Economic Study for GOK (Mine + Concentrator) Construction Project at this deposit. Different options of the GOK production options were reviewed. The most preferred project implementation options in terms of mining and geological factors were suggested. External and internal infrastructure aspects were considered as well. The project viability was also estimated.

2010               Assessment of Ore Transport Options (Sverdlovsk Region)
IMC Montan was commissioned by OOO “EvrazHolding” to carry out benchmarking of ore transport options from Sobstvenno Kachkanarsky deposit to choose optimum and the most efficient option. The assessment made by IMC Montan included technical and economic study of alternative options initially proposed by design institutes and suggested new technical solutions. The assignment included detailed analysis of transport routes, choice of optimum delivery systems (trucks, conveyor, railway and combined system of transport), estimation of the project economic parameters and risk assessment.

2010               Training for UniCredit Bank
At the request of UniCredit Bank training was conducted for the Bank employees on the matters of mining, technical and economic evaluation of mineral deposits. The training objectives included specifics of deposit development, economic assessment of mining projects and identification of investment risks in mineral resources development projects; introduction to the fundamental principles of the Russian and the international systems of solid mineral deposits resource and reserve valuation; factors that influence fair judgement of deposits economic potential and attractiveness for investment.

2009 – 2010          ZAO Siberian Anthracite Development Strategy Study, Novosibirsk region
The company development strategy was prepared by IMC Montan aimed at the company’s production increase up to 10 Mtpa of saleable coal. The study included: development of four coal open pits (selection of mining method, equipment, etc.); two existing coal preparation plants and the required additional processing capacity; analysis of coal transportation options from the open pits to railroad stations of Russian Railways; and review of a general situation plan and the construction options for industrial sites. This study was used as a basis for designing of open pits, a railway line, a new coal preparation plant and crushing-and-screening complex

2009-2010              Feasibility Study for Elegest Coal Deposit Development, Republic of Tyva
At the request of ZAO "Eniseiskaya Industrial Company" Feasibility study for construction of coal mining and preparation facilities at Elegest deposit of Ulughemsky coal basin was prepared.

2009-2010              Mineral Expert Report (MER/CPR) for IPO of OAO "Kuzbasskaya Toplivnaya Company"
Evaluation of coal reserves and preparation of Mineral Expert Report (MER /CPR) under international standards such as JORC Code were realized and production development prospects were reviewed for IPO of OAO "Kuzbasskaya Toplivnaya Company". The evaluation of coal reserves was carried out based on the current licenses and official state reporting documents, Mine Plans and the Company Business Plan. The Reports were used for IPO of the Company.

2009-2010               Mineral Expert’s Report (MER /CPR) for Dvoynoye Gold Deposit and Company Mining Assets, Chukotka Autonomous Region
IMC Montan produced independent assessment of Company’s gold assets and prepared Mineral Expert’s Report (MER /CPR) on the reserves and resources of the Client. This report summarises IMC Montan findings, and was prepared in compliance with the requirements to Mineral Expert’s Report. IMC Montan experts reviewed the practice and estimation methods by Client’s specialists for reporting reserves and resources under the Russian classification system, as well as restated the reserves and resources under the International classification system (JORC Code).

2009-2010               Valuation of Krasnobrodsky Opencast Mineral Resources and Reserves (Kemerovo Region)
At the request of a potential investor, Krasnobrodsky-Yuzhny-1 opencast reserve and resource valuation under international standards was carried out in Belovsky District, Kemerovo Region, and development prospects of production at the deposit were reviewed. All the main aspects of the mine activities were reviewed. Efficiency of the project investment with regard to the opencast present status was estimated.

2009-2010              Reconstruction of Ash Dump into System of Dry Dumping of Ash Materials, Sverdlovsk Region
Assessment of the current ash dumping system in Reftinsky Power Plant was carried out. The Client was recommended to reconstruct ash dump № 2 to improve the current ash waste dumping system and to introdcue a dry ash dumping technology.

2009               Statement on Reserves and Plans of Siberian Anthracite
The report was prepared to identify the fair value of the company and to make a statement on the reserves and the long term development plans of Siberian Anthracite. In the course of the work, the experts studied the provided documents and visited the existing facilities of the company. The experts reviewed and checked the adequacy of the resources, technical and technological facilities for the investment programme and gave their recommendations.

2009              Executive Summary of Surface Mining Development Project (Kemerovo Region)
The Executive Summary of a Surface Mining Development Project at Karakansky-Zapadny, ZAO Belovskaya Mine in Belovsky District, Kemerovo Region, was prepared. The work areas included review of mining and geological conditions, assessment and adjustment of production plans, review of coal mining risks, review of major equipment options, construction of aggregate-based DCF model and review of the project potential investments payback periods.

2009               Evaluation of JORC Reserves for OAO “MHC “EuroChem”
The company carried out evaluation of JORC reserves of iron (magnetite) and phosphate (apatite) ores and potash salt deposit of OAO Kovdorsky GOK in Murmansk and Perm Regions and Gremyachinsky potash salt deposit of OOO “EuroChem-VolgaKaly” in Volgograd Region.

2009               Reserve Estimate of Qurtziferous Ore Deposit
At the request of a major corporation expert evaluation of an underground mining project at a unique high pure quartz deposit in the Urals was undertaken. The objective of the assignment was assessment of life of the deposit mineable reserves, as well as comprehensive technical and economic analysis of the construction project of an advanced ore producing and processing mine. The work also included assessment of the project risks and recommendations as to their mitigation were developed

2009               Evaluation of Reserves for Estimation of the Holding Company Fair Value
Evaluation of reserves of all the Russian and foreign mines of EVRAZ Group was carried out due to change-over of the financial reporting to the fair value method.

2009               Scoping Study on Zalebyazhsky Shungite Deposit
On request of a mining company an independent Scoping Study on shungite deposit was developed. In the course of the assignment JORC mineral resources were estimated. The Customer received a report containing description of mining and geological conditions of the deposit, a proposed option of the deposit mining as well as opinion of the company experts concerning the tonnages of reserves, and viability of the deposit development.

2009                Estimation of Mineable Reserves of a Germanium Bearing Ore Deposit
On request of ROSNANO Corporation an experts’ conclusion was delivered on the development project of Pavlovsky lignite germanium bearing ore deposit. The project objective was to assess adequacy of the deposit mineable reserves. A preliminary technical and economic analysis of the project to increase production of ROM ore was also implemented that included analysis of processing base and infrastructure facilities development. Recommendations were provided to optimize mining operations and to increase the project economic viability.

2008-2009                Design of Obukhovskaya №1 Mine Development Concept, OAO “Donugol”
A Project Update for development of Obukhovskaya №1 Mine and a CPP was implemented in association with the Russian and the Ukrainian design organizations. A benchmarking analysis of different mine production capacity options was carried out and a development concept was designed based on faster launch of the mine into operation and achieving the mine design capacity. Resources and mineable reserves were estimated. Technological solutions for development, coal production and preparation were suggested. A 3-D model for the main shaft was developed, and feasibility of using high productive winding equipment was analyzed. Marketing analysis was carried out, a 3-D model of Sulphur content in the seam coal was developed to analyze export opportunities for washed anthracite.

2008-2009                Geological Assessment of a Gold Ore Deposit
The company undertook assessment of geological exploration and data on resources of Amazarkan gold ore deposit in Chita Region. In the course of the assignment implementation it was found that the information and the data on the resources were reliable and might be used for estimation of JORC resources.

2008-2009                Estimates of Mineral Resources and Reserves of a Gold Deposit
Based on results of an on-site visit to Dvoynoye gold deposit, data collection and analysis, IMC Montan specialists prepared a report on gold resources and reserves estimates and generation of their JORC equivalent. The key tasks of the work done included creation of a 3-D geological model of the deposit using Micromine and estimates of its resources; development of a Scoping Study; estimates of a new gold recovery plant productivity; development of a business plant and upgrading of part of the estimated resources into JORC reserves and projection of an economic model and estimation of the project NPV and IRR

2008-2009                Scoping Study on Development of a Coal Mine
On request of the United Metallurgic Company a Scoping Study for development of coal mines on Sarbalinsky Gluboky and Karachiyaksky sites of Kondomsky coal district in Kemerovo Region was developed. Different options of the deposit development were reviewed, cash flow forecast for a 20-year period was projected and the optimum development option was selected. A 3-D block model of the deposit was created and resources and reserves were estimated.

2009                Assessment of Transportation Options for Minerals
The work included marketing studies and development of logistic schemes for transportation of minerals from Central Asia to the countries outside of the CIS

2008-2009      Assessment of Potentials to Improve Labour Productivity in OAO Stoilensky GOK
At the request of Novolipetsky Metallurgical Kombinat (NLMK) the company carried out an analyses of the mine’s labour productivity and other factors including those impacting on industrial efficiency. Consultants studied manpower, personnel, organizational structure, some production and auxiliary operations of OAO Soilensky GOK. During the project, experts formulated a plan to increase GOK’s productivity .

2008-2009      Katuginsky Rare-Metal Deposit Scoping Study
At the request of Acropol Group a Scoping Study of Katuginsky rare earth metal deposit in Chita Region was carried out. Mining and geological conditions were reviewed, types and potential tonnages of ore mining and processing and saleable products were identified. Technological and preliminary economic estimates of the deposit development were made including analysis of operating and capital expenditures and NPV estimates.

2008                Pre-Feasibility Study, Mikheyevsky GOK (Chelyabinsk Oblast)
On request of the Russian Copper Company, the pre-feasibility study was undertaken for Mikheyevsky mine. IMC Montan reviewed the available documents, made adjustments in view of the efficiency of the mining and processing facilities construction and operation, and produced a comprehensive document including recommendations for the further design work.

2008                Analysis of OAO GDK Sibir 2009-2012 Development Programme
An expert’s report was prepared with the opinion on the guidelines of OAO GDK Sibir 2009-2012 Development Programme drawn up by the company specialists. Three sites were reviewed: operating Vesely Rudnik, Stadukhinsky ore-placer district, and Kanchalano-Amguemsky area.

2008               Comparison Study of Technological Value of Australian and Russian Coking Coal Concentrates
With a view of comparing grade composition of coking coal concentrates by Russian producers and coal concentrates by Australian producers our company carried out a study for compliance of the main technological properties of coking coal with the Russian and international standards and presented marking of the Client Russian concentrates in terms of the classification adopted in Australia.

2008                Technical and Economic Proposal for Vostochny Site
At the request of ZAO “Siberian Anthracite” a Technical and Economic Proposal (TEP) was prepared for development of Vostochny site in Kolyvansky anthracite deposit. The Technical and Economic proposal includes a detailed review of the development technology, coal preparation, infrastructure, personnel, economics and marketing issues. The prepared TEP was assessed by Rosnedra tender committee and was recognized a model work. As a result of the tender ZAO “Siberian Anthracite” won a mining license for Vostochny site.

2008                Audit of Mineral Reserves of an Iron Ore Mine 
Resources and reserves of Yakovlevsky iron ore mine (Belgorod Region) were estimated according to the international standards of JORC Code. Geological conditions and exploration and sampling methods were analyzed. Methodology of mineral reserves estimates was analyzed and the efficiency of the current and planned methods of the deposit development was assessed. Recommendations for construction of new production facilities and increase of production capacity up to 10 mtpa were made.

2008                Evaluation of Deposits Development Economic Viability and Audit of Reserves of OAO GDK Sibir Gold Ore Deposits
The available geological data on new gold ore deposits – Stadukhinsky and Kanchalano-Amguemsky area – in Chukotsky Autonomous Okrug and the mined gold deposits in Sinyukhinsky Ore Field in the Republic of Altai (Vesely Rudnik) were analyzed. Technical risks related to the deposit geological structure and economic viability of the deposit development were assessed.

2008                Assessment of Dashkesan Mine-Plan 2008-2015
The work involved assessment of the Dashkesan deposit mine plan on iron ore production and export. The deposit is situated in Azerbaijan. IMC Montan acted as an independent consultant on behalf of the client for opening of the financial line for the given project by BNP Paribas bank.

2008                Analysis of the Investment Project to Develop Ural Promyshlenny-Ural Polyarny Deposits (4 Deposits)
Resource potential of copper, iron ore, brown coal and chromium was assessed. The technology of doing the work was assessed by stages of the project implementation. The project economic viability was assessed and the planned dates of the project milestones were evaluated and review of environmental risks was made.

2008                Analysis of the Investment Project to Develop 3 Ural Promyshlenny-Ural Polyarny Deposits
The investment project to study geology, explore and develop copper-molybdenum ores, brown coal and copper-zinc ores deposits in Yamalo-Nenetsky Autonomous Okrug, Khanty-Mansiysky Autonomous Okrug and Tyumen Region was analyzed.

2008                Technical Analysis and Economic Assessment of Manganese Deposits Development
At the request of Central-Asian Investment Consulting Company LLP a technical analysis and a preliminary economic evaluation of manganese ore deposits in Karagandinsky and Mangistausky Regions in Kazakhstan were carried out. To achieve this, a mining and geological review was prepared, suitability and adequacy of reserves and planned production capacity were determined, potential ore mining and processing technologies were assessed and economic evaluation of the deposit development, including the required capital expenditures, was carried out.

2008                Mineral Expert Report
OOO Metalloinvest requested to conduct a Due Diligence of all the company assets and to prepare a Mineral Expert Report. The work involved evaluation of both commissioned operating mines and those planned for implementation in future. This task is part of the company’s preparation for IPO.

2008                Mineral Reserves Valuation of OAO Lebedinsky GOK and OAO Mikhailovsky GOK
In order to comply with international reporting standards (IRS), OOO Metalloinvest requested to carry out updates of previous reserve valuations of two largest in Russia Iron Ore Mining and Processing enterprises – Mikhailovsky GOK and Lebedinsky GOK in according to JORC Code. The Russian GKZ classification balance and industrial reserves were transferred into the JORC Code format. Also financial and economic models of discounted cash flows for the duration of 20 years were prepared for the each GOK based on achieved level of production, incomes and costs and perspective development plans.

2008                Determination of Value of the Mineral Resources Licensed Areas, the Republic of Altai
The company carried out the assignment to determine the value of four licensed areas of Karakulsky ore cluster in the Republic of Altai controlled by Imperial Mining Holding – Oshtuozek deposit, Yantau area, Toshtuozek-Olendzhularsky and Kuruozeksky areas.

2008                Iron Ore Reserves Valuation of Evraz Group Ukrainian Mines
Reserves valuation of two large mines OAO Sukhaya Balka (underground mining) and OAO Yuzhny GOK (surface mining) located in Krivoy Rog (Ukraine) was conducted. The work involved evaluation of reserves and resources in accordance with the internationally accepted JORC Code, and identification of site restoration costs. Also cash flow models were prepared including calculation of net present values.

2008                Lubenik Magnesite Deposit Reserve Valuation of Slovmag (Slovakia)
ООО Magnesite Group reserves/resources valuation was carried out. The work objective was to evaluate magnesite reserves of the Customer mines situated in Slovakia in accordance with the JORC Code.

2008                Optimization of OAO Stoilensky GOK Mining Operations.
A study was made of technical and technological potential to build up ore production capacity of the open-pit. As a result of technical and economic estimates rational direction for mining development with a view of achieving maximum open pit ROM capacity was identified. In the course of the project realization a mining model was prepared that ensured estimates of the scope of capital development work, including development of a schedule of achieving the production capacity.

2008                Evaluation of Coal Reserves in Compliance with International Standards
Evaluation of coal mines reserves in compliance with JORC Code was implemented for OAO “Kuzbass Fuel Company”.

2008                Community Baseline Study
At the request of RIO Tinto and its Russian subsidiary Rio Nor a study was made that gives information on socio-economic status, social structure and opinions of communities in the regions where launch of mining operations is planned. Assessment of the situation was carried out in 4 regions of Russia (Kamchatsky Krai, Magadan Region, Republic of Tyva and Khabarovsky Krai) based on Rio Tinto manual on Community Baseline study. Desk-top studies were prepared for each of the regions.

2008                Estimation of Mines Reserves
The company experts produced estimation of Management Company Promyshlenno-Metallurgichesky Holding mines reserves. The assignment included reclassification of resources and reserves in mines and deposits of OAO “Koks”, OAO “Ufaleynikel”, OAO “KMA-Ruda” reporting to the Management Company according to JORC Code. Based on results of the estimates, valuation of each mine was prepared, including estimates of net present value that may well be expected due to development of reserves in the period of the production plan implementation. The assignment included assessment of geological conditions, evaluation of systems of mining, equipment and infrastructure, ore and coal washing, labour resources, capital and operating expenditures.

2008                Study of Development Possibilities for Nagornaya Mine, Beringovsky Settlement, Chukotsky Autonomous Okrug
This assignment was a logical continuation of the project Review and Assessment of Coal Mines and Deposits in Chukotsky Autonomous Okrug carried out in 2007 at the request of “Territoria Fund” non-profit organization and the Government of Chukotsky Autonomous Okrug. In 2008 a more detailed study of Nagornaya mine’s further development prospects was conducted. Besides, geotechnical investigations, coal sampling and washed coal quality analyses were conducted and the port facilities review was prepared.

2008             Assessment of the Maximized Underground Production Level in the Elegest Coal Deposit
On the request of Eniseiskaya Industrial Company (EPK) the preliminary assessment of the maximized underground production level in the Elegest coal deposit located in the Republic if Tyva was conducted. The assessment did not take into account restrictions of the surface transport infrastructure; and it was based on the previous project carried out by the IMC Montan in 2007 concerned the Elegest coal deposit resources evaluation and its preliminary economic assessment.

2007-2008          Reserve Valuation of Evraz Group Mines in Russian Federation
Reserve evaluation of eight mines of Evraz Group situated in Russian Federation was conducted, including OAO Yuzhkuzbaaugol, underground mines of OAO EvrazRuda and open pits OAO Kachkanarsky GOK, OAO Vysokogorskiy GOK. The work involved assessment of technical and financial aspects of mines operation, and development of cash flow models with valuations.

2007-2008          Scoping and Pre-Feasibility Study for the Kyzyl-Dere Deposit
A Pre-Feasibility Study for the Kyzyl-Dere copper deposit in the Dagestan Republic of the Russian Federation was executed. The deposit is amenable to cut and fill underground mining and is located in a challenging location at about 2000 m elevation in the Caucasus Mountains. The design had to pay particular regard to the environmental sensitivity of the site. 
2007-2008          Scoping and Pre-Feasibility Study for the Belininskoye Nickel-Cobalt Deposit
At the request of The Russian Copper Company a programme of work was developed to start the process of developing the nickel/cobalt deposit which is located in the Altai Region. The project included two stages: a Scoping Study and a Pre-Feasibility. The work has considered all aspects of the project to assess the production capability, cost of construction and future profitability of the project.

2007-2008          Assessment of Development Opportunities in Chukotka
The geological data, mining and processing methods and marketing options were reviewed to recommend the most suitable mining method that could be applied in terms of the geological complexity of the deposit; provide preliminary conclusions on the suitability of different types of coal utilisation for the conditions prevailing in the Chukotka region and prepared capital investment and anticipated cost schedules.

2007-2008          Scoping and Pre-Feasibility Study for the Kulikovskaya Deposit
The objectives of the Scoping Study and Pre-Feasibility Study were to investigate possible methods for developing the Kulikovskaya group of nickel/cobalt deposits in Chelyabinsk Region of the Russian Federation, including both mining and processing methods, and then to analyse the technical and economic viability of each option. These options compared, the Client was advised on the most attractive option for both initial capital costs and long-term viability.

2007               Resource Evaluation and Preliminary Economic Assessment of the Elegest Deposit
An independent assessment of the coal resources, coal reserves and economic potential of the Elegest Deposit in the Tyva Republic was undertaken, the risks associated with the viability of the deposit development reviewed and consolidated cash flow forecasts produced, including operating costs and expected capital investments.

2007               Audit of Reserves and Review of Future Financial Performance of Russian Coal Operations
The geological and mining conditions of a group of mines in Rostov Region were reviewed in order to carry out a geological audit of reserves and assess the current mining operations, infrastructure and equipment. The economic potential of the mines was also assessed using current and projected coal production data, selling price and saleable coal data; capital and operating costs estimated and opportunities identified to improve economic performance of the operations.

2007               Appraisal of Proposals for the Kyzyl-Kuragino Railroad
In view of future development of Elegest coal deposit in the Republic of Tyva at the request of Eniseiskaya Industrial Company (EPK) a detailed technical, engineering and economic aspects of Kyzyl-Kuragino railway operation was conducted. A feature of this project is a minerals only railway without the need for the carriage of general freight and passenger services. A review was produced including recommendations on directions for progressing this through the next stages of the project.

2007               Review of Ayutinskaya Mine
On the request of an international client a review of a flooded mine in Rostov Region, Russia, was carried out. The work included verification of the conditions of the mine’s equipment and the washing plant. A proposal for an improved system was prepared; the production cost, and working capital were estimated; the costs required to start up the mine and necessary investments were determined.

2007               Preparation of Mineral Expert Report for London Stock Exchange Listing
A Mineral Expert Report was prepared for Russia’s third largest copper company with thirty three mining and metallurgical assets in Sverdlovsk, Chelyabinsk and Orenburg Regions in Russia and Aktyubinsk and Pavlodar Regions in Kazakhstan. The listing is to take place in the London main market.

2007               Valuation of Reserves for OOO Magnesite
A reserves valuation of OOO Magnesite Group mining operations was conducted. Assessment of the geological conditions; a review of the historic and present methods of exploration and sampling; methods of reserves estimation and their classification; assessment of the suitability and efficiency of the current and planned mining methods, existing surface and underground infrastructure were carried out and a consolidated cash flow forecast produced, based on operating costs and expected capital investments.

2007               Technical Support to EvrazHolding
Specialist advice was provided to this major steel company in connection with the valuation of its coal mines located in the Kuzbass coalfield. The work involved consideration of production levels, product cost, capital requirements and labour and industrial safety.

2007               Competent Person Report for the Large Coal Company
With the objective of completing a Mineral Expert Report for a listing in the London main market, IMC Montan teams visited and audited 40 mines located in the West and East Siberia and the Far East Region of Russia .

2007               Review of Coal Export Potential
A short review of the current export potential of the Russian coal industry was prepared for a Norwegian energy company. In the frame of the review, geographical location of the main Russian coal producing mines and directions of the local and export coal shipments were described. Focus was given to port capacities to handle coal exports.

2007               Elaboration of proposals for development of Mencherepsky coal deposit (Kemerovo region)
For a confidential client technical and financial aspects of a group of production facilities in the central Kuzbass were assessed. Consideration was given to large scale surface and underground mining, processing, on site power generation and infrastructure.

2007               Assistance with Introduction of Computer-Based Modelling
A Siberian producer of anthracite is working a geologically very complex deposit with extensive folding and faulting. The company plans to introduce computer based deposit modelling and planning. At the Customer request recommendations were developed to select the optimum system and to support its introduction.

2007               Siberian Anthracite Reserves Valuation
Valuation of anthracite reserves was carried out and the possibility of the output increase and the open-cast development was analyzed. Recommendations for mining performance improvement, infrastructure development and methods of eliminating constraints in the production process were also given. The work done was the key stage of Siberian Anthracite successful development.

2007               Transportation System Design for Mechel Company
At the request of a major Russian coal producer long term options for its coal transportation in Kuzbass were considered as currently available rail capacity to gain access to Russian railways is a potential restriction to future production. A techno-economic examination of conveyor and rail routes was carried out and recommendations on the optimum solution were made.

2007               Yuzhkuzbassugol Safety Audit
At the company owner’s request a Technical and Safety Audit and Audit of the Situation in Labour and Industrial Safety in coal mines were carried out. Detailed analysis of safety system was carried out, including mine ventilation, methods of reducing the methane level and other issues. Recommendations were developed on how to increase the industrial safety level.

2007               Audit of Gold Reserves in Sverdlovsk region and Chukotka
On request of a large financial company, the potential development of three gold deposits was assessed. The expenditures for the additional geological exploration were estimated and the options of the deposits development were analysed to draw a conclusion on the advisability of investments.

2007               Analysis of Coal Mining Operations
Analysis of operation of Sakhalinugol underground and surface mines was carried out and the opportunities of output increase were assessed. Special attention was paid to risks of the mines operation, including environmental, production and other risks. Economic assessment of the current and medium-term operations was also carried out.

2007               Technological Due Diligence of OOO Metalloinvest
At the request of potential international investors a technological Due Diligence of the leading Russian iron ore producer was carried out including assessment of the operating costs, profitability and cash flow valuation for Mikhailovsky and Lebedinsky GOKs.

2007               Reserve Valuation of OAO Yuzhkuzbassugol
On the request of OAO Yuzhkuzbassugol a reserve valuation in accordance with international standards (JORC) was carried out. A comprehensive review of all operational activities was performed and a 20 year cash flow forecast was prepared to develop the net present value.

2007               Evaluation of Coal Mining Investment Project of a SUEK Mine
The evaluation of a proposed investment in capacity expansion for Urgal-Ugol was undertaken. The work involved a review of geological conditions, economics, infrastructure and other essential features to determine whether the mine was able to achieve the planned production level of 5 Mtpa. Recommendations for performance improvement were also provided.

2006               Reserves Evaluation for Energy Company (Irkutsk region).
The reserves evaluation of three coal open pits for an Energy System in Siberia was carried out, including the analysis of infrastructure, environmental issues, financial parameters, etc. as well as the site restoration costs.

2006               Lebedinsky GOK Reserve Valuation
A reserve valuation in accordance with JORC procedures for this largest in Russia iron ore producer was carried out. The work involved assessment of the mining operations and concentrating plants and infrastructure as well as assessment of capital and operating costs and financial analysis.

2006               Operational and Organisational Review
At the request of Mechel a review of the operations of a group of iron ore mines in Eastern Siberia was conducted and a performance improvement programme was developed. The project gave recommendations for restructuring the organisational and financial systems in the company.

2006               Investor Support
Having established a joint venture with Norilsk Nickel, Rio Tinto, one of the world’s leading mining companies, is considering a significant development programme in Russia. IMC Montan staff has assisted Rio Tinto with preparations for making investment decisions, based on up to date knowledge of Russian mining conditions and capital and operating costs.

2006               Poly-metallic Deposit Project Concept
A review of a poly-metallic deposit in the Altai Republic, Russia, was conducted. The aim was to make recommendations for further work to prove the deposit and to produce a report to summarise its technical aspects for the benefit of potential investors.

2006               50 Years of October Due Diligence
A Due Diligence study of the operations of this new copper mine and processing plant in northern Kazakhstan was carried out.

2006               Mikhailovsky GOK Reserve Valuation
A reserve valuation according to JORC Code was carried out for this large iron ore producer in the Central Russia, assessment of mining and processing operations was conducted, including analysis of infrastructure, capital and operating expenditures, financial results and future cash flows.

2006               Gorevsky GOK Reserve Valuation
Gorevsky is an open pit lead-zinc mine located on the bank of the Angara River in Krasnoyarsk region, Russia. The mine was planning a major expansion of both its mining and processing operations. At the request of a European Bank an audit of its reserves and a technical review of its current and planned operations were carried out.

2006               Development Strategy for Karagailinskaya Mine
Karagailinskaya is a closed mine near Kiselevsk in the Kuzbass region, Russia. During its lifetime, coal was produced via shafts although the deposit is relatively shallow. A development strategy was prepared based on the drivage of inclined drifts for transport. This will result in higher productivity and lower costs than operating with shafts. The concept will be the basis for a bankable feasibility study.

2006               Investment Support
On behalf of a major metallurgical company, a review of the potential for developing a major coking coal resource in Siberia, Russia was carried out, and a development concept and the related capital and operating costs were provided.

2006               Reserve Valuation for Group of Companies Raspadskaya Mine
A coal reserve valuation was carried out and a competent person report was produced to support placement of shares at the Stock Exchange. The placement was successful. A Due Diligence was produced for the company that owns a large underground coal mine in Russia.

2006               Audit of Iron Ore and Coal Reserves
As part of a corporate restructuring of OAO Severstal an independent evaluation of their coal and iron ore reserves in Russia to international standards was carried out. IMC Montan teams visited the company mines, carried out technical and economic assessments and produced valuations to international standards. The work involved evaluation of coal reserves in Vorkuta and Kemerovo and iron ore reserves in Kola and Karelia.

2006               Review of Rehabilitation and Future Operations at Lapichevskaya Mine
On behalf of the owners of a previously closed mine in Kuzbass region seeking bank financing a comprehensive review of the requirements for rehabilitating this closed mine and for future mining operations was carried out. This involved consideration of all technical and economic aspects of underground development and surface infrastructure.

2006               Gold and Copper Deposits Review
At the request of Samsung a preliminary review of gold and copper deposits located in Karachayevo-Cherkessiya was carried out. A field examination and an analysis of the merits of the deposits were carried out.

2006               Assessment of Reserves and Appraisal of Ferroalloy Technology
At the request of investors in a potential ferroalloy project based on manganese reserves located to the east of Kemerovo region, Russia, a review of the project was carried out. The assignment involved classifying the reserves according to the internationally accepted JORC code. Some of the ore body had unconventional characteristics and it was necessary to establish that it could be the basis of an economically attractive project. The project also looked at a range of options for preparing ferroalloy meeting international standards from various combinations of concentrate types.

2005               Erel Vostochny Mine Development
Following a preliminary review the management of Erel Vostochny (Yakutia, Russia) the optimum mine design concept was prepared covering all technical features and an economic analysis. The proposals were adopted by the Customer and IMC Montan collaborated with a design institute on the preparation of the official “project” and acted as advisor to the institute to ensure that to every extent possible, the concept adopted by the company was followed.

2005               Preliminary Review of Coking Coal Deposits
A review of coking coal deposits in Yakutia was carried out for a major Russian steel company, which was considering investing in the development of a new underground mine. The work involved an outline review of existing information to identify significant features and constraints in the deposit, preparation of a concept for development and then to estimate a likely cost to develop and operate mines in these deposits, and hence their potential profitability.

2005               Review of Large Copper Deposit
A review of a very large copper deposit in the Chita region, Russia, was carried out for an international investor. The review involved an assessment of the geology, mining possibilities and likely capital investment needs.

2005               Valuation of Mineral Reserves
A technical review was carried out and a valuation of reserves of six copper-zinc mines in the Urals region and northern Kazakhstan was prepared for a major Russian company. The work involved assessments of the mining operations and concentrating plants, including assessments of the reserves according to international standards and a review of the mining and processing operations, infrastructure environment and capital requirements.

2005               Review of Reconstruction and Future Operations at Chikh Mine
At the request of a Russian company that had acquired a license to re-open a closed Chikh Mine located in the eastern Donbass, not far from Rostov on Don, Russia, an independent appraisal of the surface infrastructure and the underground operations was carried out In connection with obtaining bank financing. The company’s plans were reviewed and the surface and underground operations were inspected and recommendations were made for optimisation. The mine commenced production in late 2005.

2005               Review of Kazakhstan Coal Mines
A preliminary assessment of opencast coal mines not far from Karaganda and Ekibastuz was carried out for a Russian client. A report was prepared highlighting the good and bad aspects of the project and as a result of that the Russian investor decided to participate in the project.

2005               Preliminary Review
On behalf of the licensees a preliminary review of a very large coking coal deposit in south Siberia, Russia, was carried out and a preliminary strategy for development was proposed.

2005               Review of Coal Deposit
A foreign investor was assisted in an appraisal of a coal deposit in the Kuzbass Region, Russia that is to be auctioned by the RF government. The work involved an assessment of the geology and reserves, development of an outline plan for the development of the deposit and calculation of capital investment requirements.

2005               Reserves Valuation
Reserves valuations were carried out based on technical and financial assessments for the coal mining assets of a large Russian steel company in Yakutia and Kuzbass, Russia. This involved assessments of a total of 11 operating mines and four developing mines. The work included reassessments of the reserves according to international standards and a review of the mining and processing operations, infrastructure environment and capital requirements.

2005               Review of Development Plans for Lubelya Mine
At the request of a potential investor a review of the proposals for the development of Lubelya Mine (Ukraine) as a coking coal producer was carried out. Work was carried out together with a Ukrainian Design Institute to optimise the mine development plan.<

2005               Stoilensky GOK
A reserve valuation was carried out for this large iron ore producer in the Central Russia, assessment of mining and processing operations was conducted, including analysis of infrastructure, capital and operating expenditures, financial results and future cash flows.

2005               Reserves Valuation
A reserves valuation based on technical and financial assessments for five iron ore mines, opencast and underground, in Eastern Siberia was carried out for a large Russian steel company. The valuation was based on expected future earnings. The work included reassessments of the reserves according to international standards and a review of the mining and processing operations, infrastructure environment and capital requirements.

2004               Reserves Valuation
A reserves valuation based on technical and financial assessments for two large open pit iron ore mines with integrated concentration plants in the Urals region was carried out for a large Russian steel company. The valuation was based on expected future earnings. The work included reassessments of the reserves according to international standards and a review of the mining and processing operations, infrastructure environment and capital requirements.

2004               Reserves Valuation
A reserve valuation according to international standards and technical and financial assessments were carried out for the company that owns the largest underground coal mine in Russia.<

2004               Technical and Financial Supervision of Mine Development
Monitoring of mine development progress was undertaken for the international partner of Kotinskaya Mine, Kuzbass region, Russia. The construction was successfully completed and production started. Initially planned output levels were achieved and subsequently actual performance surpassed expectations.

2003               Competent Person’s Report for London Main Board Listing
A Competent person report on the operations of Kazakhmys, a major mining company in Kazakhstan, was produced in connection with their stock market listing. The offering on the London main market was a major success.

2003               Investor Search
Recommendations were developed for Leningradslanets on the preparation of a business plan to mine their oil shale deposit near Narva in Leningrad Oblast, Russia. The business plan was used during discussions with possible investors

2003               Expert Opinion
Expert advice was provided to the management of the Sokolovskaya mine, Kuzbass region, Russia, in relation to proceeding with a claim related to longwall face equipment.

2003               Mine Review
A preliminary review of Sokolovskaya Mine, Kuzbass region, Russia, was carried out for a potential investor to establish the current value and future potential.

2002-2003          Technical and Financial Audit
An audit of the copper producing assets of Kazakhmys in Kazakhstan in support of a loan application to commercial banks was carried out. The job was an update of the due diligence study carried out by IMC Montan in 1999. The audit included all aspects of the production of copper, from geological reserves, through ore processing, up to and including the production of copper cathode.

2002               Investor Support
Support was provided for an international company who were financing development of an underground coal mine in the Kuzbass region, Russia.

2002               Financial Plan
On behalf of an international client a comprehensive review of underground coal mines in the Kuzbass Region, Russia was carried out.

2002               Project Preparation
Under a contract with the European Union a scope for a proposed project on the improvement of safety in the underground coal mines in Ukraine was prepared.

2002               Strata Control Expert Advice
Recommendations for the design and placement of concrete pillars for gate support during longwall mining at Krasnoarmeskaya Mine, Ukraine were prepared.

2002               Mine Water Assessment
Expert advice was provided to Tulaugol, Russia, on the use of water from mine drainage systems as a supply for urban needs. Proposals were made for a comprehensive monitoring system.

2002               Review of Strategic Partnership Options
Assessment of strategic partnership options for Prokopievskugol to attract a strategic partner who would collaborate technically, commercially and financially with Prokopievskugol, Kuzbass region, Russia, particularly in relation to coking coal and the development of international markets.

2002               Financial, Operational and Legal Support
Financial, operational and legal services were provided to an international coal trading company entering into an agreement for the use of significant berth capacity at Murmansk Commercial Seaport in northern Russia. Recommendations were provided on improving coal quality and reducing handling costs.

2001               Review of Underground Mines and Coal Preparation Facilities
Technical and economic review of 16 operations (underground mines and coal preparation plants) for an international investor contemplating taking part in an open auction of the state shares of a large mining company in north and central Kuzbass region, Russia. The work included financial analysis of current activities and of projected future operations.

2001               Pilot Mining
Plans for test mining iron ore by underground methods were prepared for the Yakovlevsky Mine located near Kursk, Russia.

2001               Mine Planning and Capital Investment Appraisal
Mine planning and capital estimate review for Prokopievskugol, Kuzbass region, Russia, covering mines, operations and ownership in the related businesses of Kotinskaya Mine and Kiselevskugol Coal Company.

2001               Coal Procurement
RAO UES, Russia’s main electricity power generator, is a major consumer of steam coal and wished to improve the “value for money” of its coal supplies. IMC Montan was retained to develop procurement procedures which would ensure that the price paid reflected the calorific value of the coal. Procedures and manuals developed during the assignment subsequently became a part of RAO UES’s procurement system.

2000               Review of Mining Machinery Manufacturing
A review of mining machinery manufacturing involved a comprehensive survey of all manufacturers of underground coal mining equipment in Russia and Ukraine to determine scope for entry, joint venturing or manufacturing under a license.

2000               Training Programme for Senior Managers
Senior managers of a major nickel, PGM and copper producer (Norilsk Nickel, Russia) were provided with a customized training programme to deepen understanding of mining industry management in the market economy.

2000               Technical Testing
Belaruskaly longwall face shields tests were conducted on their shield testing rig to assess support strength, stability, deformation and hydraulic performance.

2000               Privatisation Support
Assistance was provided with the preparation for the privatisation of Zhairemsky GOK, Kazakhstan, and a technical and economic assessment of the manganese production operations and processing was conducted. A pre-feasibility study was prepared for increasing production and efficiency and assistance was provided to the company management.

2000               Mine Modernisation and Commercialisation
Intaugol was a producer of thermal coal in the Komi Republic in the far north of Russia where the town is completely dependent on coal mining. IMC Montan worked closely with management of the company to prepare plans for modernization and commercialization of the company and assisted in key elements of implementation.

1999-2001          Coal Consulting
A technical advisory service was provided to the Ukraine Donbass coal industry to assist with improving productivity, product quality and safety.

1999               Review of Gold Mines
A review of four underground and one open pit gold mines in Russia was carried out for a confidential client. The purpose was to advise on the investment potential of each mine and make recommendations on whether a full due diligence examination should be conducted for each.

1999               Due Diligence of Major Base Metals Producer
On behalf of an international mining company a technical and economic Due Diligence audit of Kazkhrom, Kazakhstan’s major iron, steel, aluminium, chrome and coal producer was carried out.

1999               Technical Audit
A technical audit of the Donskoy GOK chromite mining operation in Kazakhstan was carried out. The audit included geology, resources, mining, infrastructure, environmental, health & safety and mineral processing activities. A valuation was prepared from the audit for a potential private investor.

1999               Technical and Environment Audits of Mining Operations
Two high profile but confidential assignments in Kazakhstan were carried out for private clients. In one, a number of technical, environmental and social audits were carried out to standards set by multilateral finance organisations, looking at mining, metallurgy and power generation. In the other, technical audits of multi-mineral mining were carried out.

1999               Valuation of Vostsibugol
The valuation of Vostsibugol (East Siberia, Russia) involved the technical appraisal and valuation of a large opencast producer, with recommendations for the approach to privatization and setting of an open price for state shares. Privatisation was successful, despite initial delays relating to company structures.

1999               Valuation of Krasnoyarskugol
IMC Montan were appointed as technical consultants for determination of the opening price for sale of the state shares in this large opencast coal mining company operating in Siberia, Russia. The work included review of the reserves, markets, coal utilization limitations and mining aspects of the three large opencast mines in the Kansko-Achinsky basin, and preparation of reports on valuation of the company as a going concern. This was based on valuation on the basis of future earnings, and assessment of the future requirement for capital, plus a separate assessment on a comparative analogue basis. This involved comparing these mines with other mines in the world and relating their value to the known selling prices and condition of sale of other mines.

1998-2000          Development of Kara Keche Mine
Kara Keche was a very small opencast coal mine within a major coal deposit in Kyrgyzstan. Through the EU-TACIS project of assistance to the Ministry of Energy a 2-stage plan of the mine expansion was prepared, firstly to 1.0Mt/year and then to 3.0Mt/year, and preparation of the application for submission to the World Bank for funding was assisted.

1998-1999          Development of a Bauxite Mine
A pre-feasibility study (TEO) for a mine at Timan prepared by a Russian mining institute for Siberian Urals Aluminium Company was reviewed and it was demonstrated how that could be upgraded to an international bankable document. Subsequently at the request of SUAL an Information Memorandum on the project was prepared.

1998               Review of Reserve Statements for a Major Vanadium Deposit
On behalf of a private client the accuracy and authenticity of the statement of reserves produced in the 1940s and 1950s was reviewed and commented on for a major vanadium deposit in Kazakhstan. This involved site visits and checking through a sample of available documents. From the review a check sampling programme was proposed and costed.

1998               Investment Review
An economic analysis of Komsomolets Mine, Kuzbass region, Russia, was carried out in relation to a proposed investment in new longwall equipment.

1998               Technical Assistance to Coking Coal Mines
After the acquisition by ISPAT Karmet of eleven coking coal mines in the Karaganda region, Kazakhstan, reviews of the existing safety and productivity standards were conducted and advice on upgrading, restructuring and investment requirements was provided.

1998               Technical Assistance to Copper Operation
A review of backfill transport infrastructure at a major copper mine at Zhezkazgan Mine, Kazakhstan was conducted and proposals for improved transport alternatives to reduce backfilling costs were developed.

1998               Review of the Largest Underground Coal Mine in Russia
IMC Montan carried out a technical review for the European Bank for Reconstruction and Development (EBRD) of Raspadskaya Mine in the Kuzbass coalfield, Russia, which is the largest underground coal mine in Russia. Mine management wished to increase production from 5Mt/year to 7.5Mt/year by the introduction of additional Western longwall equipment and continuous miners. The technical review complemented a financial review of the mine to enable EBRD to make the necessary investment decisions.

1998               Pre-feasibility Study for Proposed Open Pit Mine
Initial studies were carried out for a potentially large opencast mine in Yakutia, Russia, followed by a comprehensive pre-feasibility study for a 20Mt/year ROM coking and thermal coal export mine. The work included geology, mining, coal processing, railway, power supply, port studies, marketing and economics.

1997-2001          Coal Consulting Centres
Established consulting centres in Kemerovo and Rostov on Don, Russia, to provide consulting services to the two regions aimed primarily at assistance to the coal sector and mitigation of the social effects of mine closures. Carried out more than 50 technical and economic assignments for coal companies.

1997-2000           of Industrial Safety and Health Standards
Development of upgraded health and safety standards in the Russian coal mining industry, including pilot activity at a major deep mine in southern Kuzbass.

1997-1999               Restructuring of Vostsibugol
This large opencast mining company (located in East Siberia, Russia) was provided with assistance to rationalize, modernize and commercialise operations in preparation for privatization.

1997-1998          Coal Preparation Technical Assistance
At the request of the Ministry of Energy, Russia, the layout and detailed engineering for a new coal preparation plant for Kirov Mine, Kuzbass Region, was developed.

1997-1998          Methane Recovery
Within a programme of the World Bank related to the promotion of methane recovery, IMC Montan undertook a prefeasibility assessment of the potential for coal bed methane recovery in the Donetsk region of Ukraine.

1997               Glass Sand Project Evaluation
A technical and financial evaluation of a glass sand project near Tula, Russia, was carried out on behalf of potential investors. The evaluation involved re-estimation of reserves and sand quality assessment, study of sampling results, plant design, preparation of recommendations for sand mining, study of proposed infrastructure, environmental impact assessment and valuation of the project in general.

1997               Review of a Copper Mine and Processing Plant
An Information Memorandum on a copper mining and processing complex was prepared in order to attract private sector investors. The review, which was carried out on behalf of the joint venture operators, involved the appraisal of open pit and underground mines and several concentrating plants in Bashkortostan, Russia.

1997               Review of Open Pit Mine Planning
Examination of plans for the development of the Solntsevsky opencast mine – a large thermal coal deposit on Sakhalin Island, in the Russian Far East. The deposit had potential for low cost mining and could supply markets in Japan and the Russian mainland. Disputed ownership of the deposit prevented development.

1997               Evaluation of Coal Deposits in Russian Far East
Evaluation of a number of coal deposits in the Far East was carried out. This resulted in the design and market development for a 0.5Mt/a opencast mine in Khabarovsk Krai, Russia, which was developed with USA investment.

1996               Training
IMC Montan provided training at the Vakhrushev Mine, Russia on the introduction of latest face equipment and technologies.

1996               Coal Preparation Technical Assistance
Within a European Union project on energy strategy for Rostovenergo, Russia, recommendations on improving coal preparation practice in the Donbass district to minimise coal losses in tailings were developed.<

1996               Restructuring the Mines Rescue Service
As a result of major deficiencies in the mines rescue service revealed by a mining accident, IMC Montan were funded by UK DFID to carry out a study of the rescue service and to propose necessary changes. The work involved assessments of the individual rescue teams and their equipment at all the Kyrgyz mines and led to changes in the structure of the service.

1996               Due Diligence
An evaluation of the clay mining operations of Vesco located near Donetsk, Ukraine, was carried out for the European Bank for Reconstruction and Development.

1996               Investment Support
Under EU funding, a review of mining operations in Armenia was implemented with the objective of assisting the government to attract investment into copper/molybdenum and industrial mineral production.

1996               Business Planning for Coal Sector
Preparation of a manual of business planning procedures designed for the needs of the Russian coal sector.

1995-1997          Strategic Audit
A comprehensive review of all mines and coal preparation plans of Kuznetskugol, Kuzbass region, Russia, was carried out and restructuring and optimisation plans were proposed.

1995-1997           Upgrading Kuzbass Mines
An investigation at four mines in the Kuzbass region, Russia, was carried out covering mine design, technical efficiency, safety and economic evaluations with a view to improve production, ventilation and material handling.

1995-1996          Health and Safety Standards
A major EU-funded project on improving health and safety in Russian mines was implemented. The project operated principally at a complex deep gassy operation (Kapitalnaya Mine) in the south Kuzbass. Recommendations were made on reducing accident rates and improving workforce motivation.

1995-1996          Transport System Design
Advice on personnel and materials transportation at Berezovskaya Mine, Kuzbass region, Russia was provided.

1995-1996          Training
A large-scale training initiative was undertaken for the management staff of Kuznetskugol, a major coal producer in southern Kuzbass, Russia. The training course was aimed at training the middle and senior managers for work in developing commercial environment. In addition to the course conducted in Novokuznetsk, the managers participated in study tours to the UK and Germany to get acquainted with the EU management practices at first hand.

1995-1996         Technical Assistance
As part of a programme of technical support to Kirov Mine, Kuzbass region, Russia, provided advice was provided on dewatering and personnel and materials transportation.

1995-1996         Transport System Design
Advice was provided on personnel and materials transportation at Oktyabrskaya Mine, Kuzbass region, Russia.

1995-1996         Implementation Support to Coal Industry Restructuring
Following on from the ERRA programme, on behalf of the Kyrgyz government implementing the restructuring plan for the five coal mines was assisted. This work involved changes in the mining plans, downsizing the workforce, arrange funding for resumption of work and assist with the privatization programme.

1995-1996         Briquetting Technology 
Investigations in Ukraine on raw material with potential for briquetting were carried out as well as pilot scale tests on anthracite fines. Recommendations were made on processing, dewatering and briquetting.

1995-1996         Pre-Feasibility Study
A brown coal deposit in the Khabarovsk region, Russia near the Chinese border was evaluated, with specific reference to local markets such as power stations, which rely on Siberian coal for security and economic operation. The deposits were relatively small and the coal was characterized by a high moisture content, low calorific value and low specific energy. IMC Montan worked with external investors and local Russian companies to prepare a market oriented pre-feasibility study. The economic evaluation was produced to standards suitable for attracting international investment groups.

1995               Coking Plant Technical Assistance
Advice was provided on improving the effectiveness of treating waste water discharged at the coking plant operated by Severstal – one of Russia’s leading steel manufacturers – at Cherepovets, Russia.

 
 
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